The end of the financial year is an ideal time to consider your financial structuring for the year ahead. However if you have not yet put plans in place for this financial year it is not too late to put them into action. Here are some strategies to consider and as always, please seek individual financial advice before taking any action.
- Making a personal contribution of up to $1,000 into super to receive the government co-contributions.
- Making non-concessional contributions into super to get these assets into a tax friendly environment
a. This can include an in specie transfer of assets if you use a fund that allows this
To find out more details please take a look at our page - End of Financial Year Strategies to Consider
- Making a concessional contribution into super to reduce tax payable on income and get assets into a tax-friendly environment
- Making a contribution into your spouse’s super fund if they are a low income earner and by doing so receiving a tax offset whilst also getting assets into a tax friendly environment
- Bringing forward any relevant tax deductions