The end of the financial year is just around the corner, so we’re starting a 9 week countdown to help you get your finances in order ahead of June 30.
Doing these few simple things now could pay big dividends down the track:
We'll explore each of these, and more including SMSF, property and tips for the self-employed in some detail over the coming weeks. Here is a taste.
Consider increasing your contributions to super, so you can save more for retirement and benefit from tax concessions.
Did you know:
However, be aware of contribution caps. If you exceed these limits, you may have to pay additional tax.
Interest on investment loans
Prepaying interest on any investment loans before 30 June could help you manage your cashflow more efficiently.
Offsetting capital gains tax
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
Maximise your income-generating capability in retirement. Speak to us about how you could structure your financial assets more tax-effectively.
Payment of insurance premiums
Take out an income protection policy outside of your super account before 30 June and you could be eligible for a tax deduction this financial year.
This document contains general information only. TTLB Investments Pty Ltd trading as wetalkmoney is not a registered tax agent. If you wish to rely on this information to determine your personal tax obligations, you should consult with a Registered Tax Agent. In preparing this information, TTLB Investment s Pty Ltd trading as wetalkmoney did not take in to account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision, a person needs to consider (with or without the advice or assistance of an adviser) whether this information is appropriate to their needs, objectives and circumstances. Any tax estimates provided in this publication are intended as a guide only and are based on our general understanding of taxation laws. They are not intended to be a substitute for specialised taxation advice or a complete assessment of your liabilities, obligations or claim entitlements that arise, or could arise, under taxation law, and we recommend you consult with a registered tax agent. This information is based on our interpretation of relevant superannuation, social security and taxation laws as at 20 March 2015. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. See full Terms and Conditions here.