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.