Last minute EOFY planning

© PPA Articles —
Reproduced with permission.

Last minute EOFY planning:
Remember to ensure you have maximised your EOFY position by Sunday, including:

Salary sacrifice super contributions up to a total of $25,000 pre-tax per individual. All other super contributions are taken into consideration towards this cap, including the 9% you receive throughout the year from your employer, as well as any insurance policies you own in the superannuation environment for example, paid for from pre-tax contributions.

Pre-pay investment interest – you may consider prepaying your investment interest to capitalise on receiving the tax deduction in this financial year

Pay Income Protection Premiums – Income protection is fully tax deductible, so paying for it in this financial year will ensure you get the deduction now, rather than 12 months time!

Pay accounts and/or tax deductible bills that relate to your investment property, such as insurance policies or gardening bills

Co-contribution – if you are earning between $31,920 and $46,920, you will be eligible to co-contribution from the government. Assessable income below $31,920 makes you eligible for a 50% co-contribution up to $1,000. This means that a contribution of $1,000 to super will be supported by the government with $500. For every assessable dollar earned above $31,920, but below $46,920 the co-contribution entitlement will be proportionally reduced EG: if assessable income is $40,000 co-contribution entitlement would be $236. Importantly it is still a 50% arrangement so the amount you would have to contribute in this example is only $472. To be eligible for co-contribution it is essential that an income has been earned throughout the year. This in theory could be as little as $1 of employment income.

For further discussion about your EOFY planning, please feel free to contact our office.

Click here for your complimentary property plan meeting

Listen to Our Podcast

The Property Planner, Buyer and Professor

74+ 5tar Reviews, Over 100,000+ Downloads

Join Our Newsletter

Subscribe to “The Property Planner, Buyer and Professor” Newsletter

11 + 4 =

Email us your questions or any topics you would like to be covered off on in future episodes:
Follow the podcast on social media