Investors urged to make 'tax time' work for them

Investors have been urged to tackle their tax affairs ahead of the end of the financial year in 21 days time.

Speaking to News Limited, Kathy Mazzachi, a partner at Kennedy & Co Chartered Accountants, claimed that there are "some very easy steps" that Australians can take to save on tax.

She noted that while employees usually cannot claim a tax deduction for their superannuation contributions, self-employed people and those who get most of their income from investments generally can.

Ms Mazzachi added that a tax offset on super contributions is available to people who pay up to $3,000 into the account of a low-income or non-working spouse.

"The maximum rebate allowed is $540," she observed.

"To be eligible to claim the maximum tax offset, your spouse must be receiving income totalling $10,800 or less in a financial year. A reduced tax offset is available for spouses earning up to $13,800."

Such advice may interest Aussies looking to compare term deposits in search of the most attractive returns. Writing for ninemsn this week, finance columnist Ross Greenwood noted that some of Australia’s banks are now offering higher interest on their term deposits than they are collecting on home loans.

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