10 tax planning tips for EOFY 2020

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By Simon Tarrant
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24 June 2020, 8:25 AM

It's end of financial year time again and it is easy to become distracted and miss your opportunity to take advantage of EOFY tax planning. By structuring your finances more efficiently, a Morgans Gosford adviser can help you manage the amount of tax you pay.

What do you need to do to get your financial house in order before EOFY?

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Some handy hints for you to consider when preparing for EOFY

  1. Have you incurred any deductible expenses this year? Make sure you have copies of all receipts. Think about allowable deductions while you have been working from home due to the virus. The ATO has made things easier in this regard so speak to your accountant.
  2. Do you have copies of your investment statements, including dividend statements? 
  3. Talk to your adviser to identify investment and superannuation strategies you can put in place before 30 June to help protect your retirement savings. 
  4. This is a good time to review your investment portfolio. Markets have rallied since their March lows so are there opportunities to take profits or rebalance your portfolio that you can be taken advantage of? 
  5. If you own property make sure you have your paperwork up to date, particularly if you can claim depreciation. 
  6. Are you in the pension phase of your super? Understand how the $1.6 million Transfer Balance Cap works so you don't inadvertently incur penalties by breaching this cap. 
  7. Review your capital gains and losses for your investment and superannuation portfolios. 
  8. 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. 
  9. 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. The Government has allowed a 50% reduction on minimum pension standards this financial year to help pensioners manage retirement savings. 
  10. Are your personal insurances, including life and income protection insurance, in order? Has your personal situation changed?

Will you be ready? The countdown to EOFY is on. Now is the time to get on track.

Contact Us

Feel free to contact a Morgans Gosford adviser to prepare your investments, super and tax for end of financial year. It might also be a good time to start thinking about a portfolio management service that will make next year’s paperwork and tax time simple.

General Advice warning: This article is made without consideration of any specific client’s investment objectives, financial situation or needs. It is recommended that any persons who wish to act upon this report consult with their investment adviser before doing so. Morgans does not accept any liability for the results of any actions taken or not taken on the basis of information in this report, or for any negligent misstatements, errors or omissions.

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