Do you have a rental property? Then Prepay interest and other expenses like body corporate fees for additional deductions and you will get a HIGHER refund! If you made some additional cash this year from the sale of some shares or a bonus from work, and you need additional deductions to ensure you get a tax refund, you can prepay interest for 6 months, and effectively get that tax deduction in FY13, instead of FY14. Eg if you prepay $5,000 worth of interest, and you pay on average 30% tax, you will receive about an extra $1,500 in tax BACK! Also, don’t forget with body corporate fees if you are given the option to pay quarterly or half yearly, ensure you have paid the bills pre 30 June 2013 otherwise you won’t get those deductions until next year!

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