End of financial year planning

About the author:

Terri Bradford
Author name:
By Terri Bradford
Job title:
National Manager Wealth Management
Date posted:
27 April 2017, 8:35 AM

This year it's more important than ever to get your house in order before 30 June. With so many changes to superannuation it is vital you make time to review your current super strategies.

You may have to make significant adjustments to your financial situation in preparation for the super reforms that will come into effect from 1 July 2017.

Tax planning starts now

Below is a suggested timetable:

April

  • Start thinking about what deductible expenses you have incurred this year.
  • Do you have copies of receipts for any claimable expenses?
  • 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.
  • If you have a self managed super fund with a loan arrangement are the terms of the loan in line with the Safe Harbour Guidelines as defined by the Tax Office recently?
  • Do you have a superannuation pension with a balance greater than $1.6 million?

May

  • Talk to your adviser to identify super and investment strategies you can put in place before 30 June 2017.
  • 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 – this is your last chance to access higher contribution limits for this financial year.
  • Consider your wealth protection needs; has your personal situation changed in a way which means you should review insurance cover?
  • Do you have a Transition to Retirement pension?  Review this strategy with your adviser as it will be affected after 1 July 2017.

June

  • Start to collate relevant paperwork (receipts, dividend statements, holding statements, buy or sell contract notes) for your accountant.
  • 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 a few days before 30 June.
  • If receiving pension payments from your superannuation ensure you have met at least the minimum pension requirements to ensure your pension remains tax exempt.

More information

Don't leave it to the last minute before thinking about what you need to do to get your plans in order before financial year end. Contact your Morgans adviser to discuss any of the above areas in more detail. Alternatively contact your nearest Morgans office.

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