As 30 June fast approaches it is a great time to check in on your finances to see if there are any actions you can take to optimise your superannuation and tax arrangements.
Ensure you are taking advantage of all available tax deductions. This may include claiming deductions for:
It's important to keep accurate records and receipts to support your claims.
If you haven't already taken advantage of carry-forward concessional contributions, now is the time to do so. This is the last year to use any unused concessional contributions accrued in the 2018/19 financial year, and with stage 3 tax cuts on the horizon, it's a great opportunity to maximise your savings and reduce your tax liability. Find out more about this in our article.
This is a reminder to lodge your notice of intent to claim or vary a deduction for personal super contributions.
If you have made a personal super contribution and are eligible and want to claim a tax deduction you will need to complete and submit your notice of intent to claim a deduction with your super fund before you complete your 2023/2024 tax return.
For many people with a partner, some of the following strategies are worth considering:
Check with your super fund on their deadlines for each of the above.
Use the end of the financial year as an opportunity to plan for the year ahead. Set financial goals, create a budget, and consider any changes or adjustments you need to make to your financial strategy. This can help you start the new financial year on a strong footing.
At Gallagher, our specialists can help you face your future with confidence, whether you're a business looking to support your employees or an individual seeking a tailored approach to achieve the goals you aspire to, we have just the team to assist you.
The information and any advice in this article does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it. When considering whether to acquire a financial product, before making any decision, you should obtain the relevant product disclosure statement. This article may contain material provided by third parties and is given in good faith and has been derived from sources believed to be reliable but has not been independently verified. To the maximum extent permitted by law: no guarantee, representation or warranty is given that the information or advice in this newsletter is complete, accurate, up-to-date or fit for any purpose.
