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EOFY – Planning now could save you precious dollars later

by Simon Shepherd of Morgans Financial Limited

Don’t leave it to the last minute before thinking about tax effective strategies for your financial year end planning. Your tax planning should start early; below is a suggested timetable:

During April and May

• Start thinking about what deductible expenses you have incurred this year
• Do you have copies of receipts for any claimable expenses, including medical costs?
• Do you have copies of all your investment distribution/dividend statements?
• If you own property, do you have paperwork up to date in relation to rent, depreciation and expenses?
• Review your small business paperwork, if applicable
• Talk to your adviser to identify strategies you can put in place before June 30
• Review your CGT position from previous years; can you use carried forward losses to reduce this year’s realised capital gains?
• Review the performance of shares in your portfolio for the year to date; should you be taking profits or clearing out dead wood from your portfolio?
• Think about superannuation strategies, in particular contribution limits
• Consider your wealth protection needs; have your personal circumstances changed in a way which means you should review insurance cover?

In June

• Collate the relevant paperwork (receipts, dividend statements, holding statements, buy or sell contract notes)
• Co-ordinate and finalise your tax effective strategies with your adviser
• Talk to your adviser about a portfolio management service that will make next year’s paperwork and tax time simple
• Ensure any super contributions you wish to make this year are deposited to your super account before June 30

Please note: we are not registered tax agents and cannot provide specific tax advice. Any tax planning strategies discussed in this document should only be considered as a part of your overall wealth management and/or retirement planning. It is very important you seek further advice on any tax consequences these or other strategies may have on your personal circumstances from a registered tax agent.

Contact Simon on [email protected]  or 02 8116 1780  if you wish to discuss your year end planning in more detail.


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