The end of the financial year is just around the corner, so we’re starting a countdown to help you get your finances in order ahead of 30 June.
If you take action on 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
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 could help you 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.
BUDGET BOOSTER | JUNE 2015
The information provided in this page is general in nature and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the information with regard to your objectives, financial situation and needs. You should seek independent advice from your financial adviser before making any decisions.
AUSTRALIAN MORTGAGE AND FINANCIAL ADVISERS (AMAFA)
Phone: 07 3378 2056
Fax: 07 3378 2069