A Taxing Time of Year

Unbelievably, we are already in June! As always, this is the time of year to take a step back,  review your finances and where all your money is going and particularly review any opportunities you might have to reduce your overall tax bill.

Making additional contributions to super must be part of the mix. There are a number of strategies that may or may not apply to your situation, each one basically diverts funds that would otherwise go to Canberra in the form of taxes to stay within your super fund.

So that’s a good news story. I’ve outlined some 5 strategies that you Should discuss with your tax agent this month to see if they can help you save money on tax and boost your super balance.

While we’re discussing putting extra money into super, it is important that you realize what sort of contributions you can make to super and when and so I have outlined what could happen, if for some reason you inadvertently exceed your contributions caps.

Disappointingly there are still employers that are reluctant or slow to pay their full super guarantee contributions obligations on staff wages. More, many staff members are unsure what their entitlements are. I provide some useful tips if you think you are being short changed.

Given there has been so much written and said in the media in the past few weeks about the Federal Government’s new proposed tax on unrealized gains in super accounts with more than $3million in assets, I thought I should write to explain it.

Again, given Donald Trump has taken up so much space in the media since his election last year, it’s interesting to step back and look at the how his first 50 or so days in Government have impacted on the world share markets.

As many have already noticed there have been some exciting changes in the business.

Now the pandemic is well and truly behind us, we have moved back to Melbourne and into our new offices which are located at 408/89 High Street, Kew 3101. Our new telephone number is 03 7071 3800 and our postal address is PO Box 5158 Kew VIC 3101.

We will be announcing further exciting announcements over the next few months, but some things will stay the same. I will still be providing advice to clients and helping them best manage their superannuation savings and happy to chat via video, telephone or email.

Importantly, if you know of anyone who is unsure how to arrange their finances as they move into retirement, please encourage them to contact me. It could be a lifesaving, if not retirement saving, moment for them.

Patricia Howard

0427 429 817

Patricia@patriciahoward.com.au