Although it’s been there waiting for us the last 12 months, the end of the financial year often seems to take us by surprise.
“$!#%*# !! It’s the middle of June already!”
It’s a bit late in the year to put any major new strategies in place but what can we do with our super fund in the next couple of weeks?
1. Check your concessional contributions. If you haven’t exceeded your cap do you want to take advantage of the concessional 15% tax rate by putting more money in your super?
2. If you have exceeded your concessional contributions cap then you are probably liable to the Excess Contributions Tax of 31.5% (in addition to the 15% paid by the super fund). If you are in this situation it is vital to contact your financial adviser immediately as any action you can take to remedy this is time-sensitive.
3. If you have a SMSF (Self-Managed Super Fund) make sure you are familiar with the changes introduced for the start of the new financial year. There are several areas where the impact on your strategies could be significant
4. Make sure that you have nominated beneficiaries for your superannuation account. A Binding Death Nomination tells the trustees of your super who you want to receive your funds in the event of your death. Usually a BDN expires after a few years but now many private super funds offer a non-lapsing BDN which means you don’t have to worry about it expiring – it will remain in force unless you amend it.
If you need a financial review before the end of the financial year phone your Wealthwise financial adviser on (08) 9380 6333 or get in touch via the contact us form on the website.
The information in this article is of a general nature only and has been prepared without taking into account your particular financial needs, circumstances and objectives. It should not be construed as financial, taxation or legal advice.
Before acting on the basis of this information, you should consider its appropriateness to your own objectives, financial situation and needs. You should also obtain and read a copy of the relevant Product Disclosure Statement before making any decision to acquire a financial product.