June 2012 Newsletter

In this edition:

Welcome

Are you 30 June ready?

2012 End of financial year strategies

Carbon tax: what footprint will it leave on you?

New reporting obligations for building contractors

Super contributions: what are the rules? (Part 3)

Using a number of strategies effectively can help ensure that more of your money ends up where you would like it to go – working towards your investment goals.

Some key strategies that may be appropriate for your situation include:

• Prepay Interest and help manage your tax – Do you have an investment loan? Are you taking full advantage of the tax-deductibility of your interest expense? Would you like to increase your potential tax deductions this financial year?

• Access Government co-contributions – Do you earn less than $61,920 a year? Would you like to receive up to $1,000 from the Government to boost your super? Do you want to see what difference this could make to your super?

• Grow your super tax-effectively – Are you employed, but not self-employed? Do you earn at least $30,000 a year? Would you like to increase your retirement savings tax-effectively?

• Spouse super contributions splitting – Would you like to have early access to your super? Would you like to increase your spouse's retirement savings tax-effectively? Do you have a spouse under age 65 and not retired?

• Grow your super to save capital gains tax – Are you self-employed? Are you expecting to realise a capital gain this financial year? Do you want to increase your super balance in a tax-effective manner?

• Transitional cap: Use it or lose it – Are you aged 50 or over? Are you self-employed? Have you made the most of your contributions to super this financial year? 

• Employer payment of insurances or fees – these can count against your super contribution limits and therefore needs to be considered when looking at your contribution caps for this financial year.

• Transition to Retirement tax-effectively – Are you aged 55 or over? Would you like to boost your retirement savings tax-effectively while you're still working? Would you like to wind back your work hours without winding back your lifestyle?

• Sell a small business tax-effectively – Are you selling a business asset and expecting a significant capital gain? Are you looking to retire after the sale of your business? Do you wish to use the sale proceeds to fund your retirement?



Restrictions and eligibility criteria apply to some of these strategies so it's important to find out more about how they might relate to your personal circumstances. So that we can take you through the strategies in detail and help you decide whether any are appropriate for you, please call our office on 02 9899 3044 to speak your contact at Goodwin Chivas or click on the Request Appointment tab on this website.