1. Are you over 50? Last chance to contribute up to $50k as a concessional contribution and potentially claim a tax deduction if you are eligible. The limits will be halved from next year. If you are under 50, you can still make a concessional contribution up to $25k.
2. Or do you earn under $61,920? Then this is the last chance to get the government co-contribution before it is scaled back (again!). If your income is less than $31,920 you can get the maximum of $1000 if a personal contribution is made into your super fund before 30 June. If you earn more than this amount the government co-contribution reduces, but it is still worth it. 100% return – it doesn’t get much better.
3. Does your spouse earn under $13,800? It may be worthwhile making a spouse contribution of up to $3,000 and reduce your tax by up to $540.
4. Bring forward any expenses into this current financial year and get an immediate deduction.
5. And finally...
Get ready for the new financial year! Make it your new (financial) year’s resolution to get sorted and to get organised now. Lift your field of vision, try to take the big picture view and not be too distracted by the increasing volume of noise and media commentary. In the long run, profitable companies will make money and grow irrespective of political bickering, currency fluctuations and Euro issues. Position your portfolio with this in mind, rather than just reacting to short term issues.