End of Financial Year Strategies – Week 4 – Other Strategies

There are a number of other strategies that you can implement before 30 June to improve your tax position such as:

Prepay interest on a fixed investments loan – by prepaying 12 months interest enables you to bring forward a tax deductible expense.
Selling assets that will trigger a capital loss – if you have made a capital gain during the financial year you could sell some underperforming investments to create a capital loss which can be used to offset your capital gain.
Defer the sale of an asset if it will trigger a capital gain – by selling an asset in July means that you can have the proceeds in your pocket for longer before paying capital gains tax.
Prepay tax deductible expense – for example you could prepay 12 months Income Protection premiums enabling you to claim the full premium earlier.

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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