Leave a Comment:
(0) comments
Add Your Reply
With the end of the financial year fast approaching, we’re commencing a 60 day countdown to assist you in getting your financial affairs organised and ready for the 30 June deadline.
Taking action now can open up more opportunities for you. Some key things to start looking at include:
Super contributions
Look at increasing your contributions to super, so you can save more for retirement and benefit from some tax concessions. For instance did you know that:
• if you are employed, you could make super contributions from your pre-tax salary
• if you are self-employed, you could get a tax deduction for the money you put into super
• if you contribute after-tax pay or savings into super, you may pay less tax on investment earnings, qualify for a super contribution from the Government or receive a tax offset.
Beware though of the contribution limits as you might be subject to additional tax and charges if you exceed them.
Interest on investment loans
Prepaying interest on an investment loan before 30 June may give you a potential tax saving, due to the tax deduction being brought forward.
Payment of insurance premiums
You may be eligible to claim a tax deduction this financial year if you take out an income protection policy outside of your super account before 30 June.
Offsetting capital gains tax
You can reduce the amount of capital gains tax you have to pay by making tax deductible contributions to super (if you are eligible).
Life after work
Speak to your adviser about how to structure your financial assets in the most tax-effective way that allows you to maximise your income-generating capability in retirement.
Right Level of Cover
Some insurance benefits will not be available through your super fund from 1 July 2014. So to ensure you have the right cover in place, talk to us to find out more. How will you make the most of the next 60 days? We’re ready to help you find out what options are available and best suitable to your current circumstances, and assist you to make the most of your end of financial year opportunities.
Any advice given is general only and has not taken into account your objectives, financial situation or needs. Because of this, before acting on any advice, you should consult a financial planner to consider how appropriate the advice is to your objectives, financial situation and needs. Mohamed Said and Avante Financial Services Pty Ltd are not registered tax agents. If you wish to rely on this to determine your personal tax obligations you should consult a registered tax agent.
Act Now! Reserve your Complimentary “Strategy” Session
