Your 60 day countdown to the end of the financial year

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With the end of the financial year fast approaching, we’re commencing a 60 day countdown to assist you in getting your financial affairs organised and ready for the 30 June deadline.

Taking action now can open up more opportunities for you. Some key things to start looking at include:

Super contributions

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.

Interest on investment loans

Prepaying interest on an investment loan before 30 June may give you a potential tax saving, due to the tax deduction being brought forward.

Payment of insurance premiums

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.

Offsetting capital gains tax

You can reduce the amount of capital gains tax you have to pay by making tax deductible contributions to super (if you are eligible).

Life after work

Speak to your adviser about how to structure your financial assets in the most tax-effective way that allows you to maximise your income-generating capability in retirement.

Right Level of Cover

Some insurance benefits will not be available through your super fund from 1 July 2014. So to ensure you have the right cover in place, talk to us to find out more. How will you make the most of the next 60 days? We’re 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.

This document contains general information only. <Insert adviser Business name> is not a registered tax agent. If you wish to rely on this to determine your personal tax obligations you should consult a registered tax agent. This information, <Insert adviser Business name> did not take into account the investment objectives, financial situation or particular needs of any particular person. 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. This information is based on our interpretation of relevant superannuation, social security and taxation laws as at 20 March 2014.

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Sharie Kennedy-Wren, Holistic Financial Management Pty Ltd are Authorised Representatives of Godfrey Pembroke Limited ABN 23 002 336 254, an Australian Financial Services Licensee, Registered office at 105 –153 Miller St North Sydney NSW 2060 and a member of the National Australia group of companies.

This advice may not be suitable to you because it contains general advice that has not been tailored to your personal circumstances. Please seek personal financial and tax and/or legal advice prior to acting on this information. The material contained in this newsletter is based on information received in good faith from sources within the market, and on our understanding of legislation and Government press releases at the date of publication, which are believed to be reliable and accurate. Opinions constitute our judgement at the time of issue and are subject to change. Neither, the Licensee or any of the National Australia group of companies, nor their employees or directors give any warranty of accuracy, nor accept any responsibility for errors or omissions in this email.