Your 90 day countdown to the end of the financial year
With the end of the financial year fast approaching, we’re commencing a 90 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:
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.
Level of Cover
Some insurance benefits are not available through your super fund so to ensure you have the relevant cover in place, talk to your financial advisers to find out more.
How will you make the most of the next 90 days? We’re ready to help you find out what options are available and suitable to your current circumstances, and assist you to make the most of your end of financial year opportunities.
To find out how we can help you complete the EOFY Checklist here.