It is easy to become distracted by the current affairs occurring both domestically and overseas. From the upcoming federal election to Trump tariffs, the Ukraine/Russia war and so much more, there’s just too much to keep up with for any sane person.
With everything going on, it's important we try to maintain other, more 'normal' aspects of life. Things we can control, such as our end of financial year tax planning. 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, contact your adviser to chat about any of the following topics:
Investment, Property, and Insurance
Have you sold an investment asset this financial year? Ensure you have copies of your investment statements, including dividend statements. This is also a good time to review your investment portfolio. Markets have been quite volatile recently, so there may be opportunities you can take advantage of, such as capital gains/losses. If you own property, make sure you have your paperwork up to date, particularly if you can claim depreciation. Additionally, ensure your personal insurance, including life and income protection insurance, is in order. Has your personal situation changed? Talk to your Morgans adviser about a portfolio administration service that will make next year’s paperwork and tax time simple.
Retirement and Superannuation
Are you thinking about retiring this year? Ensure you have your details to access your Super or other retirement income stream. Review your capital gains and losses for your investment and superannuation portfolios. Consider what superannuation contributions you have 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, make sure you meet your minimum pension requirements before 30 June to avoid significant penalties. Talk to your adviser to identify investment and superannuation strategies you can put in place before 30 June to help protect your retirement savings.
What the superannuation thresholds for 2025-2026 means for you
From 1 July 2025, the transfer balance cap will index from $1.9 million to $2.0 million, allowing individuals to transfer more into their retirement phase accounts. Similarly, the total super balance cap will index to $2.0 million from 30 June 2025. Concessional contributions will remain at $30,000 per person per annum, while non-concessional contributions will stay at $120,000 per person per annum, with the option to bring forward up to $360,000 over three years for eligible individuals, depending on their total super balance as of the previous 30 June. Additionally, the Super Guarantee Charge (SGC) rate will increase from 11.5% to 12% for the 2025/26 financial year, marking the final planned increase to the SGC rate. These changes provide opportunities to maximise your superannuation contributions and benefits, so it's important to plan accordingly and consult with your financial adviser.
Will you be ready?
Don't let global issues distract you from the things you would normally focus on at this time of year. It's time to get back on track.
Feel free to contact your Morgans adviser to discuss your end of financial year planning.
