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End of Financial Year Strategies – 2019/20

The period ahead of 30 June is an opportunity to take advantage of strategies to boost superannuation and minimise tax.  Below is a quick reference guide to some opportunities to consider with more detail in the PDF below– as always please call our office for further information.
​
The information in the attached PDF is divided into sections:
Section 
Relevant to
Relevant Strategies 
A
​Employees/self-employed/those earning taxable income who want to pay less tax
1,2,3
B
Those seeking to boost their superannuation
1,2,4,5,6,7,8
C
Those wanting to boost their spouse’s superannuation tax effectively
5,6
D
Those seeking a superannuation top up from the government
​7,9
Key issues to be mindful of:
  • The tax rate in superannuation is a flat 15%.  Pre-tax contributions to superannuation are also taxed at 15%.
  • There are caps (pre-tax and post-tax) on the amount that can be contributed to superannuation each financial year. 
  • Funds contributed to superannuation can’t be accessed until you reach your preservation age and meet a condition of release.
  • Any superannuation contributions must be received by your fund before 30 June 2020 to count as a contribution this financial year.
  • Different strategies from prior years may apply in 2019/20 if your taxable income has been impacted by COVID-19.
  • JobKeeper and JobSeeker benefits are considered taxable income. (Refer to articles and news for more information on Jobkeeper and Job Seeker)
key_eofy_strategies__2019-20_.pdf
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File Type: pdf
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