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Are You Prepared for EOFY?

Whilst I don’t really believe in last minute end of financial year strategies, some people do leave it until the last minute to get a few things organised!

In terms of superannuation, this is what you may need to consider:

Have you made the maximum concessional contribution or at least an amount that you are happy with?

Many self-employed doctors and dentists ‘forget’ to save for their own retirement, which makes it hard to catch up later in life, due to the low contribution limits.

You may be able to claim a tax deduction for your contribution, so seek advice from your accountant or financial adviser and be aware of the limits that are in place.

Also be mindful of the Division 293 super tax for high income earners.

Maybe you want to make some super contributions for your spouse?

Consider the maximum $3,000 spouse contribution which may provide some tax benefits, or if you employ your spouse, there may be an opportunity for voluntary employer contributions.

In terms of other typical strategies:

  1. I am not a huge fan of prepaying interest on loans, as it basically becomes a vicious circle of having to do this every year;

  1. You may pay the premium on your income protection annually, as that will give you a discounted premium, and is also a tax deduction

More importantly, now is the perfect time to start thinking about next financial year, and how you will organise your tax planning and your overall money management.

Please contact me on 0432 885 295 or if you would like some help.

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