It’s the time when we all get our records and receipts together for the annual trip to the accountant or the dreaded job of completing a tax return ourselves. If you’re doing your own, your MyGov online account now has a lot of information like Group Certificates and Interest pre-loaded.
When you’re completing this mundane task this year, spare some time to think about how you’d like your tax return to look next year. Tax returns look backwards at what the situation was for the last financial year whereas Financial Planners look forward at what we want to achieve in the current and future years.
This can involve things such as:
• Ensuring you have income protection in place which not only protects you and your family but is fully tax deductible.
• Ensuring you are utilising the generous tax rules on superannuation to your best advantage with strategies like Salary Sacrifice and pensions for those over 60, even if you’re still working.
• Ensuring that you’re making the most of any Salary Packaging opportunities your employer provides, especially if you’re employed in industries like hospitals or aged care facilities which attract significant salary packaging opportunities.
• If you have a home loan as well as an investment loan, ensuring you’re doing the right things to be able to claim more interest as a tax deduction and pay less interest on the home loan for the property you live in.
If you’d like an obligation free review of your situation, to discuss ways to put a smile on your face this time next year with a better tax return, call us for an appointment today.
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