End of financial year strategies

About the author:

Terri Bradford
Author name:
By Terri Bradford
Job title:
National Manager Wealth Management
Date posted:
23 May 2019, 2:45 PM

With just over five weeks before 30 June, your end of financial year plans should be well underway.

If you haven’t yet begun, start thinking about what needs to be done before the end of this financial year. What do you need to do to get your financial house in order before 30 June?

Here are some handy hints for you to consider over the next few months.

  • Have you incurred any deductible expenses this year? Make sure you have copies of all receipts.
  • Do you have copies of your investment statements, including dividend statements?
  • Talk to your adviser to identify investment and superannuation strategies you can put in place before 30 June.
  • Review the performance of your investments - should you be taking profits or clearing out the deadwood from your portfolio?
  • If you own property make sure you have your paperwork up to date, particularly if you can claim depreciation.
  • Are you in the pension phase of your super? Have you managed your balance to ensure it is in accordance with the new $1.6 million Transfer Balance Cap which came into effect 1 July 2017.
  • Review your capital gains position for your investment and superannuation portfolios.
  • What superannuation contributions have you already made, or intend to make prior to 30 June? Talk to your financial adviser to ensure you understand what contribution limits apply to you.
  • If you are already receiving a pension from your superannuation you will need to make sure you meet your minimum pension requirements before 30 June otherwise significant penalties could apply.
  • Are your personal insurances, including life and income protection insurance, in order? Has your personal situation changed?

Make things easier

Talk to your Morgans' adviser about a portfolio administration service that will make next year's paperwork and tax time simple.

Remember, 30 June is on a Sunday this year so it is very important you ensure any super contributions or pension payments you wish to make are attended to no later than 26 June to allow a few days for processing.

More information

Will you be ready? Feel free to contact your Morgans adviser to discuss your end of financial year planning.

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