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Opportunities for last minute tax planning

Need help? Contact us Macarthur Wealth Management for expert financial advice in Parramatta and Sydney wide. (02) 9683 2869. https://www.macarthurwealth.com.au

June provides some opportunities for some last-minute tax planning. Some of the opportunities worth considering are:

Maximise superannuation contributions
This year the maximum deductible contribution to superannuation is $25,000. This figure includes any SG amount plus salary sacrifice. If you are below this figure, you can make a contribution to super and claim it as a tax
deduction. This is available for people up to age 74 (must meet “work test” if over 65). Note, this figure moves to $27,500 next financial year.

There are also catch-up facilities to make contributions in excess of $25,000 per annum. If you have not maxed out $25,000 in the last 3 years and your super balance is less than $500,000, you may be able to put a maximum of
$75,000 into super and claim a deduction. This is a really good opportunity to try and catch up on the years you could not maximise contributions.

Bring forward deductions
If you are paying income protection premiums on a monthly basis, you may want to consider paying 12 months in advance this month. This effectively brings forward your deduction, it may also save you money, as annual
premiums usually save around 10%.

The same theory works if you have an investment property loan. You may be able to prepay the interest for 12 months in advance to bring forward the deduction.

General Advice Warning

The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs. Before making any decision, it is important for you to consider these matters and to seek appropriate legal, tax, and other professional advice.

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