With June 30 nearly upon us, it is important to start thinking about the new financial year ahead and making the most of the opportunities available to us over the next 12 months. Making small changes to your plan will allow you to be in a better position in the future and take advantage of tax benefits now!
Directing a small portion of your before-tax income to your superannuation each week or fortnight, can provide you with substantial personal tax savings and serve to accelerate your retirement savings. For certain employees, you may be able to salary package expenses such as loan repayments or vehicle costs through your employer. There are a number of legislative requirements and thresholds involved in any salary sacrificing strategy and it is always best to seek advice from your financial planner before entering into any arrangement.
Don’t forget, if you are planning on making any personal superannuation contributions to your current super fund before June 30, time is running out.
Visiting your accountant or preparing your own tax returns shouldn’t be a daunting exercise! Download our helpful tax checklist to make sure you are making the most of your opportunities and preparing for the best possible outcomes. At Statewide Wealth Group, we have a group of tax and accounting professionals ready and waiting to help you achieve the best outcome for you, your family and your business. Contact us to arrange a chat with an accountant today.
Make a Savings Plan
New financial year – new objectives. Think about what you want to achieve – whether that’s a holiday, a new car, paying off your house or just creating a wealth accumulation plan. Establishing a disciplined savings plan with an appropriate investment structure is the perfect way to make your objectives a reality.
Your Plan B
Reviewing your personal insurances (life insurance, income protection, etc.) every three years is important. As your financial and personal situation changes, so should your personal risk insurance strategies. If you are paying for insurances funded from your industry super fund (QSuper, Australian Super, HostPlus, etc), talk to your financial planner about what you are really covered for. You may be surprised what you can and cannot claim and what you are paying too!
Discussing these and other options available to you with your financial planner, before you implement any changes, is always the best plan of attack. We are looking forward to working alongside you into the new financial year and welcome any queries you may have.