Tax with Max: Tax strategies before June 30

Tax reduction strategies before June 30, making contributions after 65, corporate bonds and CGT, and more.

Summary: With only a few business days left to the end of this financial year, one of quickest tax strategies that can be adopted is to sell off lossmaking shares and realise a capital loss. This can be used to offset capital gains. Another strategy is to see if a lender will discount their interest rate if the interest is prepaid on a property loan.

Key take-out: The Tax Office determines that a capital gain has been made for an asset being sold is the time when the contract is entered into, not when the proceeds are received.

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