Now that you have digested your tax return, you should turn your attention to next financial year.
The benefits of starting your (tax) planning early is that you can put in place sustainable long-term strategies, rather than quick fixes.
Here are some of the strategies you should be considering as a doctor and dentist:
o Do I still have multiple funds that I should be consolidating? o Is my superannuation invested appropriately? o What fees am I paying? o Is my performance comparable to that of other funds? o Am I making sufficient contributions? o How will I manage excess contributions, Division 293 tax? o Should I split super with my spouse? o Should I start a pension?
Finance and loans
o How quickly can I repay my home loan? o Is my interest rate competitive? o Should I be fixing (part of) my loan? o Should I switch my investment loans to principal and interest? o Am I making the best use of my offset account(s)?
o Am I setting aside enough funds for tax? o Are there certain strategies I am missing out on? o Should I be thinking about using trusts and other tax-efficient structures? o Is my accountant still a good match? Are they proactive enough?
o Should I be considering property investment? o Am I saving/investing enough of my income? o Do I have sufficient diversification?
These are just some of the questions you should be asking yourself at least once a year, as you simply don’t have the luxury to let year after year go by, without proactively planning your financial future.
If you would like some help to get this process started, we would be happy to assist.
Feel free to call or email me on 0432 885 295 or Yves@affluenceprivate.com.au