EOFY

June 10, 2015
Peter Dall

What does EOFY mean to most of us?

End of financial year – it is the time to take advantage of available deductions and other tax related benefits now and for the future, from new cars to office supplies. 

Are you able to maximise your superannuation contributions? 

Setting up salary sacrifice arrangements now can put you in a good position for the future and allows you to benefit from tax concessions so do consider boosting your super payments to make your money work harder. 

Young people have the benefit of time on their side to build up their super for retirement so should strive now to have a healthy fund.  Superannuation is a complex subject with constant changes and much to consider.  

If you are unsure of which fund is best for you, if you have multiple funds and wish to consolidate, would like to maximise your contributions, or are unsure of your best options, it is highly recommended that you speak to a financial advisor. 

Thinking of a new car? 

Manufacturers like to clear stock before June 30 and car salesmen have incentives to do this – now is a great time to starting looking.  You will find a huge selection of deals to choose from – and remember to negotiate! 

Personal/family

Be smarter with Term Deposits and have them mature after the end of the financial year in the future. 

Do you run your own business?

Consider pre-paying deductible expenses before 29 June.

Pre paying tax deductible expenses before the end of the financial year may allow you to include these expenses in your tax return. Examples of tax deductible expenses include:

  1. Premiums for Income Protection Insurance held outside of superannuation environment
  2. The cost of maintenance and repairs to investment properties.
  3. Top up your office supplies and pay for broadband/phone plans.
  4. Pay deductible loan interest in advance and claim the payments as a tax deduction in the current financial year before June 30th. 

Similarly, it is usually recommended to postpone the receipt of income where possible until the next financial year. 

Charity

If you give to charity before June 30 you can not only claim on tax – but someone in need will benefit! 

Finally, the end of the financial year is a perfect time to set up your financial plan and create your own path to financial independence – and you can do it with a little planning, research and advice. 

At this time of the year, with so much information available to aid or confuse us, it is ideal to talk to a professional to help you set up your long term money plan and help you achieve your financial goals. For financial planning advice, have a chat to: Jovan Videkanic  0488 988 399 

For more information  ring Peter on 0414 583 233 or email him at: peter.dall@mortgagechoice.com.au

 

Posted in: Tips

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