End Of Year Tax Ideas
The end of the tax year is edging closer. If you haven’t planned how you will maximise your income and save some tax, take note! The most effective strategies are often the simplest and can be applied before 30 June this year whilst others should be considered for next year. Here are some hints and tips including one of the simplest – maximising your super contribution.
WHAT ARE SOME OF YOUR OPTIONS PRIOR TO 30 JUNE?
- Defer non-essential income until the new financial year.
- Review your property investment portfolio prior to 30 June to determine whether investments should be sold to offset any capital gains or losses made throughout the year.
- Ensure you get capital gains tax concessions by holding assets for more than 12 months.
- Maximise tax deductions through super contributions. Alternatively, make a contribution into super for your spouse – this could provide you with a tax offset.
HOW MUCH SUPER HAVE YOU CONTRIBUTED THIS YEAR?
- You have until 30 June to top up your super concessional contributions to your concessional cap level.
- Remember your cap is $30,000 if you are under 50. If you’re over 50 the cap is $35,000.
- Your super fund must receive your contributions before 30 June 2016 for the 2015/16 year.
In an ever-changing and complex world, seeking professional advice can help you through the maze, so contact us today to find out how we can help.