End Of Financial Year Tips
Posted on 02/06/2016
With the end of the financial year fast approaching, now is a good time to review your finances to ensure you have taken advantage of the opportunities available to you.
Below we have outlined some tips and strategies you may consider to help minimise tax and maximise your savings.
Are you self-employed?
• You may be able to claim a tax deduction for up to $30,000 (if under age 50) or $35,000 (if age 50 and over) of personal super contributions.
Are you an employee of your own company?
• Consider paying profits as tax-deductible employer contributions.
Are you retired, a homemaker or unemployed (and under age 65)?
• Consider making a deductible superannuation contribution to manage tax payable, particularly if large capital gains are anticipated.
Will your spouse earn less than $13,800 this financial year?
• Make a spouse contribution to superannuation and receive a tax off set up to $540.
Will your income be less than $50,454 this financial year?
• Make a personal after-tax contribution (up to $1,000) and your super fund will get a get a 50% return (up to $500) if eligible for the Government co-contribution.
Please call me on 03 9908 3390 to schedule a convenient time to discuss your personal situation.