The ATO allows taxpayers to prepay tax-deductible expenses for the next 12 months in June and claim the deduction against this financial year's income. This applies to any deductible business or investment expense.

For example, income protection insurance premiums are tax deductible for any working person. They can pre-pay the next year's premiums and claim the tax deduction this year.

Businesses can pre-payment rent, insurances, and lease payments on equipment and vehicles. Business owners and private investors can also pre-pay interest on loans.

An investor can pay the interest on an existing loan for the next year and claim the deduction now. It could be a long-established loan such as an investment property mortgage. The lender should recognise it as an interest pre-payment though, not a debt reduction.

It could be a newly established investment loan such as a margin loan or a redraw of a loan previously paid down. Drawing money back out of an offset account to buy investments now and pre-paying interest might achieve the same result.

There are several options to save tax with superannuation. Everyone under age 67, and up to 74 if working, can contribute $27,500 for a deduction. This limit is up from $25,000 last year and must include any employer super guarantee amounts.

If a worker has a salary of $75,000 their employer will be contributing $7,500 allowing them to put in up to $20,000 extra if they have the spare cash. They can obviously put in less if it suits them.

Anyone who has a high income this year may be able to qualify for an even bigger deduction. If their total super balance was under $500,000 last June 30 they can catch-up amounts up to the limits that they didn't put in in the previous three years.

People who have a spouse earning less than $37,000 per annum can also cut their tax bill by contributing to the spouse's super. If they put in $3000 they earn the maximum rebate of $540. If they put in less or the spouse's income is up to $41,000, the rebate is reduced.

The government co-contribution scheme is handy benefit for lower earners. If people earning less than $41,000 put $1,000 in their own super account without claiming a tax deduction the Government will add $500 to it.

Contributions must be in the super fund by June 30 to be eligible for benefits. Most fund websites have instructions how to put money in by BPay or internet transfer.