Are You Prepared for EOFY?

Yves SchoofBusiness

Whilst I don’t really believe in last minute end of financial year strategies, some people do leave it until the last minute to get a few things organised!

In terms of superannuation, this is what you may need to consider:

Have you made the maximum concessional contribution or at least an amount that you are happy with?

Many self-employed doctors and dentists ‘forget’ to save for their own retirement, which makes it hard to catch up later in life, due to the low contribution limits.

You may be able to claim a tax deduction for your contribution, so seek advice from your accountant or financial adviser and be aware of the limits that are in place.

Also be mindful of the Division 293 super tax for high income earners.

 

Maybe you want to make some super contributions for your spouse?

Consider the maximum $3,000 spouse contribution which may provide some tax benefits, or if you employ your spouse, there may be an opportunity for voluntary employer contributions.

 

In terms of other typical strategies:

  • I am not a huge fan of prepaying interest on loans, as it basically becomes a vicious circle of having to do this every year;

 

  • You may pay the premium on your income protection annually, as that will give you a discounted premium, and is also a tax deduction

 

More importantly, now is the perfect time to start thinking about next financial year, and how you will organise your tax planning and your overall money management.

 

Please contact me on 0432 885 295 or Yves@affluenceprivate.com.au if you would like some help.

Yves Schoof
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Yves Schoof

Author | Specialist Adviser for Medical Specialists and Surgeons at Affluence Private Wealth
I specialise in managing and coordinating the financial affairs of medical professionals and have been recognised as one of the best financial planners in Australia. I am a Certified Financial Planner and member of the Financial Planning Association of Australia.

As I understand your time is extremely valuable and scarce, I am able to offer flexible meetings times, including outside business hours and during the weekend. I can even come and meet you somewhere convenient, or talk via videoconference on Skype.

My first consultation is free. I allocate up to 90 minutes to discuss your personal circumstances and to establish how I may best assist you. Where you already have an existing adviser, I would be happy to offer a second opinion. I always quote a fixed dollar fee before we start working together.

Please contact me on yves@affluenceprivate.com.au or call me direct on 0432 885 295. You can follow me on Twitter @YvesSchoof or connect with me on LinkedIn to receive new articles.

DISCLAIMER
Yves Schoof and Affluence Private Wealth are Authorised Representatives of Synchron, AFS Licence No. 243313. 

The information posted is intended to be general in nature and is not personal financial product advice. It does not take into account your objectives, financial situation or needs.
Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs. In particular, you should seek independent financial advice and read the relevant product disclosure statement (PDS) or other offer document prior to making a decision.
Yves Schoof
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