Bring forward your tax deductions

If you are looking to reduce your tax bill this financial year, it is a good idea to try to bring forward as many deductions as possible. By thinking about tax deductions that you are eligible to make, and spending the money in the current financial year, you can reduce your taxable income.

By reducing your taxable income, you will reduce your tax bill. Examples of things you may want to purchase in this financial year include business expenses, education expenses or work-related expenses.

Of course, this may mean that you are missing out on the deductions in the next financial year. However, there is the added advantage that you will have pre-paid many of your necessary expenses.