The end of the financial year always seems to crop up faster than it should. Understanding what you could do before and after 30 June 2014 can provide the icing on the cake for employees, investors and those in small business.
Such things as bringing forward tax deductions or delaying the receipt of income within the rules can mean less tax this year.
When it comes to superannuation, make sure you maximise the tax deduction this year or salary sacrifice the right amount so you get the best possible outcome and don’t end up with tax penalties.
The attached flyer provides further detail on:
- Increased contribution caps for 60 and above
- Claiming tax deduction for personal super contributions
- Making after tax super contributions
- Beware excess contributions tax
- Drawing super pensions
- Drawing super lump sums
- SMSF expense must be incurred by 30 June to be claimed this year
If you would like some help with your super matters, please feel free to call Michael for advice and planning or Sandy for accounting and compliance on 02 9299 7044 to arrange a time to meet.