The countdown is on!
The end of the financial year is just around the corner, so we’re starting a 45 day countdown to help you get your finances in orderahead of the 30 June.
If you take actionin these key areas now, it could make things easier for you down the track:
- Super contributions
- Interest on investment loans
- Payment of insurance premiums
- Offsetting capital gains tax
- Life after work
Super contributions
Consider increasing your contributions to super, so you can save more for retirement and benefit from tax concessions.
Did you know:
- If you are employed, you could make super contributions from your pre-tax salary.
- If you are self-employed, you may 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.
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 couldhelpyou manage your cashflow more efficiently.
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.
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 your adviser about how you could structure your financial assets more tax-effectively.
Note: Unless stated otherwise, this letter does not take into account any of the measures announced in the 2016 Federal Budget that has a proposed implementation date in future financial years.
Disclaimer 1: For advisers who are not a registered tax agent.
This document contains general information only.Adviser Business name> is not a registered tax agent. If you wish to rely on this letter to determine your personal tax obligations, you should consult with a Registered Tax Agent. In preparing this information, <Insert adviser Business name> did not take into 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 11 May 2016.
Disclaimer 2: For advisers who are a registered tax agent
This document contains general information only. In preparing this information, <Insert adviser Business name> did not take into 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 11 May 2016.