Get EOFY savvy page

5 money jobs you may not have con­sid­ered.

Monthly Chronicle - - Front Page - MARK PLASKITT

1. Max­imise tax-de­duc­tions – you may want to bring for­ward de­ductible ex­penses such as in­ter­est on in­vest­ment loans, or In­come Pro­tec­tion In­sur­ance pre­mi­ums. This may al­low you to re­duce your tax­able in­come this fi­nan­cial year, re­duc­ing the amount of tax payable. This fi­nan­cial year em­ployed peo­ple can make tax de­ductible con­tri­bu­tions to su­per­an­nu­a­tion them­selves (pre­vi­ously they could only do so via their em­ployer). Lim­its ap­ply so if you want to save tax and boost your nest-egg, best to speak to your Fi­nan­cial Ad­viser or Ac­coun­tant first. 2. Get a tax re­bate of up to $540 – does your spouse earn less than $40,000 a year? If so, then by mak­ing a spouse con­tri­bu­tion of up to $3,000 to their su­per­an­nu­a­tion, you may qual­ify for a tax re­bate of up to $540. The max­i­mum re­bate ap­plies if spouse’s an­nual in­come is less than $37,000. 3. De­fer tax li­a­bil­ity – if you’re look­ing at sell­ing an in­vest­ment at a gain (such as shares or an in­vest­ment prop­erty which has in­creased in value since you bought them), you may wish to con­sider de­fer­ring the sale un­til af­ter 30 June so that the Cap­i­tal Gain would be tax­able in the fol­low­ing fi­nan­cial year. Note this may only be of ben­e­fit if you ex­pect next year’s tax­able in­come to be lower or the same as this year’s – if it’s higher, you may ac­tu­ally come out worse off. You also need to con­sider whether there’s a risk of the as­set go­ing down in value in the mean­time.

4. Get $500 paid into your su­per by the gov­ern­ment – if you earn less than $51,831 a year and make an af­ter-tax con­tri­bu­tion to your su­per­an­nu­a­tion of up to $1,000, then you may qual­ify for a Gov­ern­ment Co-con­tri­bu­tion of up to $500. 5. Make af­ter-tax con­tri­bu­tions to Su­per­an­nu­a­tion - Do you have an in­vest­ment in your own name, such as shares, prop­erty or a man­aged fund? If you cash out the in­vest­ment and put the pro­ceeds into su­per, you could re­duce the tax you pay on your in­vest­ment earn­ings by up to 34%.

Get or­gan­ised now – avoid the last minute rush. If you start gather­ing your fi­nan­cial de­tails to­gether now, then you still have time to max­imise these or any other strate­gies that may im­prove your fi­nan­cial po­si­tion.

Seek ex­pert ad­vice

Fi­nance and tax can be a com­plex area, so it’s im­por­tant to get the right ad­vice. Book in a meet­ing with your Fi­nan­cial Ad­viser and/or your Ac­coun­tant well be­fore 30th June, oth­er­wise you may leave things too late and miss out.

Mark Plaskitt is Se­nior Fi­nan­cial Ad­viser at MLC Ad­vice Pen­nant Hills and an Au­tho­rised Rep­re­sen­ta­tive GWM Ad­viser Ser­vices Lim­ited ABN 96 002 071 749, MLC Fi­nan­cial Plan­ning an Aus­tralian Fi­nan­cial Ser­vices Li­censee, Reg­is­tered of­fice at 105 –153...

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.