With the end of the financial year fast approaching, it is vital that you have done all your checks and balances to have everything in order come June 30 when it comes to maximising investments and identifying opportunities to create a sound position heading into the new financial year.
Here are 5 questions to ask yourself, and if necessary, seek professional advice to help find the answers:
1. Are you able to take advantage of the spouse contributions tax offset?
These are non-concessional contributions that you can make on behalf of your spouse. There are some criteria that must be considered to be eligible.
2. Can you look to bringing forward deductions into this current year?
Investing tax effectively and maximising your net income are important goals. Consider pre-paying or bringing forward tax deductable expenses such as charitable donations, eligible insurance premiums or interest payments.
3. Are you able to maximise government co-contributions?
You may be eligible to make a non-concessional contribution to your superannuation and receive a co-contribution of up to $500 from the Government. There are certain criteria to be met such as maximum income, age and residency to consider.
4. Are you eligible for transition to retirement income stream opportunities?
A ‘transition to retirement income stream’ offers you the opportunity (if you are 55 of over, and still working) to access superannuation in the form of a non-commutable account-based income stream.
5. Can you benefit from concessional contributions for the year?
This can also be an effective way to contribute to superannuation that is made from pre-tax income up to an annual cap. It can also help you reduce taxable income throughout the year. There are some important issues and criteria in doing this so it is vital you seek the correct professional advice.
There may be many more opportunities to maximise your income and investments and continue to build your wealth toward your retirement goals.
For more information about any of the above or to review your current financial plan, call Andrew on 5331 6550.