Countdown to the end of the financial year

Get your financial affairs organised and ready for the 30 June deadline. Some key things to include:

 Super contributions

Look at increasing your contributions to super, so you can save more for retirement and benefit from some tax concessions. For instance did you know that:

•  if you are employed, you could make super contributions from your pre-tax salary
•  if you are self-employed, you could get a tax deduction for the money you put into super
• if you contribute after-tax pay or savings into super, you may pay less tax on investment earnings, qualify for a super contribution from the Government or receive a tax offset.

Beware though of the contribution limits as you might be subject to additional tax and charges if you exceed them.

Interest on investment loans

Prepaying interest on an investment loan before 30 June may give you a potential tax saving, due to the tax deduction being brought forward.

 Payment of insurance premiums

You may be eligible to claim a tax deduction this financial year if you take out an income protection policy outside of your super account before 30 June.

 Offsetting capital gains tax

You can reduce the amount of capital gains tax you have to pay by making tax deductible contributions to super (if you are eligible).

 Life after work

Speak to your financial adviser about how to structure your financial assets in the most tax-effective way that allows you to maximise your income-generating capability in retirement.

 Right level of cover

Some insurance benefits will not be available through your super fund from 1 July 2014. So to ensure you have the right cover in place, speak to Wynyard Park Private Wealth.

 Source: MLC, May 2014