A lot of people leave it too late to do anything worthwhile tax –effective strategies before 30/06/2013.

Consider the following:

Have you contributed up to the maximum allowable limits into Super?               Yes         No – CONSIDER THE BELOW!

  • Sold an Investment and now pay CGT – perhaps contribute money into super to minimize the tax
  • Over age 55 and on a TTR – withdraw the maximum 10% pension and make a tax deductible contribution back into super.
  • Self Employed, or Non working or retired– to claim a personal tax deduction make sure you contribute into super

Private Health Insurance –If you are paying the Medicare Surcharge levy you should take out Private Health Insurance before ‘Friday’

Negative Gearing – is the cost of  borrowings exceeding the Income generated by the investment. Should be reviewed.

Pre-paying your Investment expenses

Claim your uniform

Delay any income until after 30th June until next financial year

Use a Capital Loss to offset your tax

Salary Packaging

  • You should make sure any salary packaging agreement you enter into has a ‘positive’ outcome in after-tax terms.

Get your Government co-contribution

  • Employees and self-employed people who earn between $31,920 and $46,920pa may be eligible. If you are eligible, you may simply make a personal non-concessional contribution into super before Friday. The maximum Government co contribution is $500.

Spouse Contribution – If your spouse is on a low income, you could receive a tax offset for making a contribution to your spouse’s Super fund as long as their assessable income is less than $13,800.

ASK US FOR MORE INFORMATION ON ANY OF THE ABOVE TAX EFFECTIVE STRATEGIES.

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Thomas Jacks BCom (Acc), SMSF SpecialistTM, Adv. Dip F.S. (FP)
“I want to be able to assist clients with their investment and retirement planning by providing real strategy advice. It’s my aim to not only help my clients but to educate them by addressing the entire picture” Google Plus

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