End of Financial Year Tax & Superannuation Strategies 2012

Want to make the most of the end of the financial year 2012?  These top tax and superannuation strategies can help you make the most of your money by saving you tax and giving your superannuation savings for retirement an extra boost.  Here are our top tips from our Sydney financial planners

1.  Make a Tax Deductible Super Contribution

If you are self-employed or currently unemployed, you may like to consider investing in superannuation and claiming your contribution as a tax deduction.  You can use your tax deduction to offset your taxable income and save on tax.

2.  Reduce Tax on Your Salary/Bonus

If you’re an employee, you may want to sacrifice your pre-tax salary or bonus into your super instead of receiving it as cash.  This strategy can help you to reduce the tax on your salary by up to 31.5%.

3.  Boost Your Spouse’s Super and Reduce Tax

If your spouse earns less than $13,800 p.a. you can make an after-tax contribution to their super on their behalf.  By doing this you could receive a tax offset of up to $540 and give your spouse’s retirement savings a boost.

4.  Reduce Your Tax on Investment Earnings

If you have an investment in your own name, you may like to consider cashing out the investment and using the money to make an after-tax contribution to your superannuation.  This can enable you to reduce the tax on your investment earnings by up to 31.5% and boost your savings for retirement.

5.  Defer the Sale of an Asset to Save Tax

If you’re considering selling an asset that is likely to make you a profit, you might like to consider waiting until the coming financial year.  By deferring the sale of a profitable asset, the Capital Gains Tax (CGT) applicable on your asset sale would not be due until next financial year.

6.  Pre-pay Interest on Investment Loans to Reduce Your Tax this Financial Year

If you’re considering selling an asset that is likely to make you a profit, you might like to consider waiting until the coming financial year.  By deferring the sale of a profitable asset, the Capital Gains Tax (CGT) applicable on your asset sale would not be due until next financial year.

 

Get More End of Financial Year 2012 Tips to Save Tax

For more smart end of financial year tips to save tax, book a free introductory financial planning meeting in Sydney with a Financial Spectrum financial adviser.  We can show you more ways to help you save tax and to make the most of your finances.  Call us on 1300 886 018 to book.

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One Response to “Smart End of Financial Year 2012 Tips”

  1. irene October 9, 2012 at 9:23 pm #

    Good basic pointers. Can you give us more info on

    Reduce Your Tax on Investment Earnings

    If you have an investment in your own name, you may like to consider cashing out the investment and using the money to make an after-tax contribution to your superannuation. This can enable you to reduce the tax on your investment earnings by up to 31.5% and boost your savings for retirement.

    How is this possible? Does this impact on CGT?