The countdown is on!

If you take action in these key areas now, it could make things easier for you down the track:

  • Super contributions

  • Interest on investment loans

  • Payment of insurance premiums

  • Offsetting capital gains tax

  • Life after work

Super contributions

Consider increasing your contributions to super, so you can save more for retirement and benefit from tax concessions.

Did you know:

  • If you are employed, you could make super contributions from your pre-tax salary.

  • If you are self-employed, you may 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.

However, be aware of contribution caps. If you exceed these limits, you may have to pay additional tax.

Interest on investment loans

Prepaying interest on any investment loans before 30 June could help you manage your cashflow more efficiently.

Payment of insurance premiums

Take out an income protection policy outside of your super account before 30 June and you could be eligible for a tax deduction this financial year.

Offsetting capital gains tax

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

Maximise your income-generating capability in retirement. Speak to your adviser about how you could structure your financial assets more tax-effectively.

Disclaimer:

This document contains general information only. Mentor1 is not a registered tax agent. If you wish to rely on this letter to determine your personal tax obligations, you should consult with a Registered Tax Agent. In preparing this information, Mentor1 did not take into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision, a person needs to consider (with or without the advice or assistance of an adviser) whether this information is appropriate to their needs, objectives and circumstances. Any tax estimates provided in this publication are intended as a guide only and are based on our general understanding of taxation laws. They are not intended to be a substitute for specialised taxation advice or a complete assessment of your liabilities, obligations or claim entitlements that arise, or could arise, under taxation law, and we recommend you consult with a registered tax agent. This information is based on our interpretation of relevant superannuation, social security and taxation laws as at 20 March 2015.

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