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.
Gen X & Y – Taking Over The SMSF Market
Changes to Superannuation from 1 July 2013