09 Jun It’s Nearly EOFY Again!
We can hardly believe that the end of the financial year is fast approaching so it’s time to start a countdown to ensure your financial affairs are organised and ready for the 30 June deadline.
How will you make the most of your EOFY countdown?
Emma Brooke from GTC Financial says she is ready to help you find out what options are available and best suitable to your current circumstances, and assist you to make the most of your end of financial year opportunities.
Emma is adamant that taking action now can open up more opportunities for you and in this article, she highlights some key things to start looking at which include Super contributions, reviewing interest on investment loans and offsetting capital gains tax
Firstly, you can look at increasing your contributions to super, so you can save more for retirement and benefit from some tax concessions.
For instance did you know that:
• if you are employed, you could make super contributions from your pre-tax salary
• if you are self-employed, you could get a tax deduction for the money you put into super
• if you contribute after-tax pay or savings into super, you may pay less tax on investment earnings, qualify for a super contribution from the Government or receive a tax offset.
Beware though of the contribution limits as you might be subject to additional tax and charges if you exceed them.
Also, prepaying interest on an investment loan before 30 June may give you a potential tax saving, due to the tax deduction being brought forward.
You may be eligible to claim a tax deduction this financial year if you take out an income protection policy outside of your super account before 30 June.
You can also can reduce the amount of capital gains tax you have to pay by making tax-deductible contributions to super (if you are eligible).
Emma says you should speak to your advisor about how to structure your financial assets in the most tax-effective way that allows you to maximise your income-generating capability in retirement.
Before making an investment decision, a person needs to consider (with or without the advice or assistance of an adviser) whether this information is appropriate to their needs, objectives and circumstances. Any tax estimates provided in this publication are intended as a guide only and are based on our general understanding of taxation laws. They are not intended to be a substitute for specialised taxation advice or a complete assessment of your liabilities, obligations or claim entitlements that arise, or could arise, under taxation law, and we recommend you consult with a registered tax agent. This information is based on our interpretation of relevant superannuation, social security and taxation laws as at 20 March 2015.
This information is general information only. You should consider the appropriateness of this information with regards to your objectives, financial situation and needs.
GTC Financial Services Pty Ltd ABN 94 010 624 914 atf GTC Financial Services Trust ABN 69 596 897 575 is a Corporate Authorised Representative of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL and Australian Credit Licence No. 236523