End of financial year

About the author:

Terri Bradford
Author name:
By Terri Bradford
Job title:
Head of Wealth Management
Date posted:
09 April 2018, 1:09 PM

This is the time of year we all need to start thinking about what needs to be done before the 30th of June (end of financial year). As we can all appreciate, life is moving fast so don't leave things to the last minute.

Below are some handy hints for you to consider to have your financial house in order before the end of financial year:

  • Have you incurred any deductible expenses this financial year? Make sure you have copies of all receipts.
  • Do you have copies of your investment statements, including dividend statements?
  • If you own property make sure you have your paperwork up to date, particularly if you claim depreciation.
  • Are you in the pension phase of your super? Have you managed your balance to ensure it is in accordance with the $1.6 million Transfer Balance Cap which took effect 1 July 2017?
  • If applicable, have you finalised with your accountant or SMSF administrator your CGT cost base election as part of the new super reforms?
  • Review your capital gains position for your investment and superannuation portfolios.
  • Review the performance of your investments – should you be taking profits or clearing out the deadwood from your portfolio?
  • What superannuation contributions have you already made, or intend to make prior to 30 June? Remember there are new, reduced contribution limits from 1 July 2017.
  • Are your personal insurances, including life and income protection insurance, in order? Has your personal situation changed?
  • If you are already receiving a pension from your superannuation you will need to make sure you meet your minimal pension requirements before 30 June otherwise significant penalties could apply.

Will you be ready?

Feel free to contact your Morgans adviser to discuss your own end of year financial planning. Alternatively contact your nearest Morgans office.

Disclaimer: The information contained in this report is provided to you by Morgans Financial Limited as general advice only, and is made without consideration of an individual's relevant personal circumstances. Morgans Financial Limited ABN 49 010 669 726, its related bodies corporate, directors and officers, employees, authorised representatives and agents ("Morgans") do not accept any liability for any loss or damage arising from or in connection with any action taken or not taken on the basis of information contained in this report, or for any errors or omissions contained within. It is recommended that any persons who wish to act upon this report consult with their Morgans investment adviser before doing so.

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