Preparing for End of Financial Year
As we approach the end of financial year, there are a number of smart strategies you could consider to help streamline your finances and legitimately reduce your tax liability.
Timing really is everything and as an individual looking at the following can assist:
- Insurance premiums
- Work-related expenses
- Prepayment of investment loan interest
- Tax deductions for investment expenses
- Review ownership structure of investments
- Managing capital gains
EOFY strategies for Small Businesses include:
- Temporary full expensing
- Expense prepayments
- Capital Gains Tax
- Pay as you go (PAYG) tax
- Lease repayments
- Office Expenses
- Superannuation
- Log Books
EOFY superannuation tax strategies include:
- Salary sacrifice
- Personal tax-deductible contributions
- Taking advantage of the government co-contribution
- Split super contributions with your spouse
- Benefits of spouse contribution tax offsets
- Contribution eligibility.
Click here to read more about smart strategies that you can consider to help streamline your finances heading towards the end of financial year.
If you would like further information regarding any of the above, be sure to get in contact.
Until next time,
Regards Rodney.
Rodney Johnstone CFP BBus, DipFP, GradDipAppFin
Authorised Representative of Count Financial Limited
Financial Adviser, FPW Financial Advice Pty Ltd
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