Invest time to test portfolio

called “pensioner guarantee” that will exempt full and parttime pensioners, including those who are recipients of a self-managed superannuation fund. Nonetheless, jumping the gun and altering your portfolio based on what may — or may not — happen further down the track is a gamble, and on this particular score it could be worth taking a wait-and-see approach.

In the meantime, plenty has happened in other areas that could directly impact your portfolio.

As a guide, since last July 1 property investors can no longer claim the cost of travel to inspect a rental property. This could be a significant downside for investors who own an interstate property — especially if part of the appeal was a tax break on an annual trip to check out the property.

Also, from July 1 this year, over-65s will be able to contribute up to $300,000 from the sale of their home to super without the money counting towards contribution caps. Each member of a couple can take advantage of the limit, potentially adding $600,000 to their combined nest egg. It could be an option worth considering if you are thinking of downsizing.

Fine-tuning your portfolio ahead of 30 June can mean paying costs, and capital gains tax may apply to any profit you make on the sale of an investment. The upside is hitting the new financial year with a portfolio that is in tune with your goals and lifestyle. Paul Clitheroe is a founding director of financial planning firm ipac, Chairman of the Australian Government Financial Literacy Board and chief commentator for Money Magazine.