EOFY Tax Planning Tips 2019 - Ways of getting your tax back

EOFY Tax Planning Tips 2019 – Ways of getting your tax back

 

If you ask yourself what your biggest expense is in your life, what’s the first thing that comes to mind?

For most people it is not the tax that they pay, but in reality for almost all working Australian’s it is.
This is why smart tax planning is so important.

We are always talking with clients about controlling the controllables and managing the risks of the things outside of our control and tax is one expense that we have some control over.

Below are some tips we’ve come up with to better manage your tax position, depending on your circumstances.

Keep in mind that our purpose of being at Yield is to help our clients live the life they love now and retire securely, so if this is of interest to you and you’d like to discuss how it could apply to you, we can sit down with you to identify what strategies could work.

 

Maximise your superannuation opportunities.

Superannuation is one of the best tax minimisation tools we have available to us in Australia and it therefore features first in our summary of EOFY tax strategies.

Five great Super tax saving strategies that exist include:

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How it works:

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How it works:

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How it works:

get a super top up from government.PNG
 
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How it works:

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How it works:

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For more information about the super rules this Financial year, refer to the bottom of this blog.

 

Insurance

Timing when you pay for your insurance policies that are tax deductible, simply makes good tax sense. It may also mean you pay less for your cover.

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Investing

Tax planning for your investment strategy is one of the most important aspects of smart investing. Whether you have an ongoing investment strategy in place or are seeking to manage some of your capital gains tax liability there are some things you can do.

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Business strategies

Tax planning for business is a must. These ideas should be discussed with your Accountant if you have not already and any other good ideas they may have for you.

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Important information about super this Financial Year

SUPER CONTRIBUTION CAPS FOR THE 2019 FINANCIAL YEAR

CONCESSIONAL CONTRIBUTIONS CAP

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NON CONCESSIONAL CONTRIBUTIONS CAP

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^ People under age 65 at any time in the financial year may effectively bring-forward two years’ worth of non-concessional contributions allowing them to contribute $300,000 at any time over a three year period without exceeding the cap. Note: If a person has invoked the “Bring Forward” rule in a particular FY, their non-concessional cap will remain at three times the cap in the first year.
*From next financial year the non-concessional contribution caps will be reduced. Transitional arrangements apply so it is important to seek advice to ensure you do not breech these caps

ANNUAL PENSION DRAWDOWN LIMITS FOR 2016-2017 FY

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"GOOD FORTUNE NEEDS GREAT PLANNING"

 

We hope you have found this a worthwhile read.

At Yield Financial Planning our mission is; To personalise financial solutions that add real value to our clients’ lives, and everything we do is driven towards this goal.

If you would like to discuss this decision with us directly, we’d welcome the opportunity to talk, otherwise please feel free to read our related content, and if you subscribe to our email communication, we will keep you regularly updated with related news and education.

 
 

General Disclaimer:

The content of this presentation is intended to be general information only and has been prepared without taking into account any person’s objectives, financial situation or needs. Each person should consider its appropriateness having regard to these matters or obtain relevant professional financial advice before making any financial decisions.  Examples are illustrative only. Each person should obtain any relevant professional financial, taxation and social security advice before making any financial decisions.