EOFY Tips

Make the most of your planning and tax strategies by speaking with your accountant and adviser early.There are some great features in superannuation to encourage you to make the most of your super and save for retirement.

 

Non- concessional cap. The announcement on budget night implemented a lifetime cap of $500K on non concessional (post tax) contributions. If you have made non concessional contributions or you were wanting to seek advice to clarify your position.

Concessional cap: $30,000. For those aged 49 or over at 30 June 2015, the limit is $35,000. Announcements made on budget night may not be effective until 1 July 2017, take advantage of the current cap whilst you can.

Personal super contributions: - by making a personal contribution to super you may be able to claim a tax deduction in your tax return, if you meet the eligibility requirements. If you intend to claim a deduction for personal super contributions you must lodge a deduction notice, in an approved form with your fund before the day you lodge your tax return for the year in which the contribution was made.

Salary sacrifice: review your current and planned salary sacrifice contributions to ensure they are within the concessional contribution cap. Salary sacrifice is a fantastic way to build up your savings for retirement.

Spouse contributions – consider making a contribution to your spouse’s super fund if they earn less than $13,800 pa

Government Co Contribution payment - If your income is below $34,448 you may wish to consider making a non concessional contribution to super of up to $1,000 and the government will match your contribution by up to 50% or $500. Conditions apply.

Pre-pay interest Expenses

You may be able to claim a tax deduction for up to 12 months of prepaid interest expenses, including interest paid in advance on an investment loan.

Income Protection

If you can’t work due to illness or injury this policy will pay you a monthly benefit to help you meet ongoing living expenses. Premiums are tax deductible.

General Advice Warning - This communication has been prepared on a general advice basis only. The information has not been prepared to take into account your specific objectives, needs and financial situation. The information may not be appropriate to your individual needs and you should seek advice from your financial or tax adviser before making any investment decisions.