Skip to main content

Superannuation Tax Deduction. Are You Eligible?

It is not long now till the end of the financial year.  Now is the time to think about what opportunities and strategies are available to improve your financial position.

If you’re planning on contributing to super, you may be eligible for a tax deduction for the current financial year provided you do so prior to June 30. 

If you hold investments such as a rental property or managed funds and have used investment debt to purchase them, you may choose to pre pay the next 12 month’s interest.  This may allow you to bring forward those deductions and use them this year. 

This could prove to be a wise strategy if you don’t have sufficient deductions for the year - particularly if you find yourself in the highest tax bracket.  

No one likes paying tax, however if you’re paying tax it means you’re earning money which is a positive thing.  It’s paying “unnecessary” tax that we should avoid. 

Don’t let these next weeks left of June simply be about having to endure those annoying “EOFY runout sale” ads on TV. 

Use the time wisely.  If you leave it until July 1st, it’s too late.   The above tax strategies can’t be applied retrospectively.  Of course, any tax planning strategy needs to be considered in relation to your individual circumstances. 

At Hindsight we’ll be working hard during this busy period to help our clients achieve their financial goals.  Would discussing your tax game plan be valuable to you?

Hindsight Wealth can complete a complimentary and confidential Statement of Advice for your financial health.  No obligation.  Yours to keep no matter what.

Let’s get you on track for the start of the new financial year.  

Andrew O’Brien and Hindsight Group Pty Ltd t/as Hindsight Wealth Pty Ltd (ABN 88 168 442 528) are Authorised Representatives of Affinia Financial Advisers Limited ABN 13085335397 & AFS Licence No 237857.  The material contains general advice only and the consumer should consider the PDS and whether the product is appropriate prior to deciding to buy. 







Comments

Popular posts from this blog

Times are tough. How can you position yourself to minimise the impact?

The last few weeks have been extraordinary to say the least. We’re battling a world wide health crisis and we face uncertainty in many aspects of our lives.  It’s true that there are simply some things beyond our control and we will more than likely see many changes to our everyday lives for the remainder of 2020 and beyond. So, what can be done?  On the other side of this, many people will be left with dramatic financial stress, whether it be periods of unemployment, depleted cash reserves or battered superannuation balances.  And for many, timing will be an issue. Those who were weeks ago contemplating retirement may now need to change their plans. And those that are still accumulating for retirement have more than likely just seen their investments and superannuation return to levels of 5 or 6 years ago. Essentially the clock has be wound back in one way or another.  It may well be a good time to take stock and lay some foundations for when things do recover (which they

Hindsight Wealth Office Walk Through Message

When Socks and Jocks don’t cut it anymore.

We have a solution  to avoid the old favourites: socks and jocks this Father’s Day.  As this weekend is Father’s Day, the focus should be on Dad.  You can purchase the actual book or the digital copy  so Dad can access year - round savings from his smart phone.  Part proceeds from your purchase, also helps a local Brisbane charity:  Be Uplifted Inc Breast Cancer Charity – so everyone wins!  Click here  to purchase Dad his Entertainment Book subscription. Another gift you could give Dad is encouragement.  To encourage Dad to have a conversation with a financial adviser about his super and insurances.  Why?  Maybe Dad has started a new job or had a promotion. Maybe Dad is nearing retirement? When our lifestyle changes or work situation changes, it affects your super + insurances. Reviewing these regularly will make sure Dad stays on track. Perhaps you know Dad has a few super funds hanging out there from previous jobs. This can affect a few things – especially Dad’s back pocke