How to MAX your EOFY returns
It’s usually the burden of EOFY commitments that are the focus of June, but make sure you’re getting all the allowances and deductions you’re eligible for too.
Just as you are obliged to pay your taxes, the Government provide incentives and contributions to the tax paying public as well. Some of these can have an impact on your EOFY statements. It’s in your interest then to know what they are and that you’re getting as much benefit out of your EOFY returns as you can.
Start with a simple checklist
Our checklist is by no means definitive and you should always have a good financial plan in place that identifies opportunities and implements ways that you can benefit from all your assets and investments. If you don’t have that, then it’s best to speak with an Elston adviser. We can work with you to tailor a financial strategy and savings plan to your circumstances and requirements, professionally and expertly from the start.
In the meantime, here are some opportunities to maximise your tax return to look out for this year.
- Tax deductible superannuation contributions – Have you made a voluntary contribution to your superannuation fund in this financial year? If so, you could be eligible to claim your contribution amount as a tax deduction. Remember, tax is normally deducted from any contributions you make at a rate of 15%, and contributions are capped.
- Government co-contribution – If you decide not to claim a tax deduction on your voluntary contributions, you may be entitled to a Government co-contribution, depending on your total income and a few other factors related to your financial position.
- Splitting contributions with your spouse – Splitting super contributions can assist financial security in retirement for couples. Splitting allows you to share superannuation contributions with your spouse (before-tax contributions).
- Pre-paid investment debt interest – It is possible to prepay some expenses related to your investments, such as a rental property, and claim an immediate deduction. This might include insurance or interest on money borrowed.
- Superannuation Pension Phase – If you are in the superannuation pension phase of retirement you could be entitled to tax concessions, depending on the type of pension you choose.
- Charitable Donations – June is a great time to donate to your favourite charities. Not only will the charity be grateful for the contribution, all donations over $2 are tax deductible.
- Is your address up to date? – Check that the ATO has your current address. This will allow you to track your entitlements, including any lost super. Log in to your MyGov account to check that your details are correct.
For all the eligibilities and allowances relevant to your financial situation, talk to your accountant or Elston adviser.
If you would like more information please call 1300 ELSTON, contact us or email firstname.lastname@example.org and an adviser will be in touch.
Elston is a registered Tax Financial Adviser, registration number 25041503, for full advice contact your accountant.