Financial Newsletter Sunshine Coast

Welcome to Unique Financial Partnerships, keeping you up to date with all financial planning, self managed superannuation funds, tax minimisation, life insurance, on the Sunshine Coast and around Australia.

The information in this newsletter is current at the time of printing. Contact us for updates.

CONTRIBUTE TO SUPERANNUATION

Once over 60 years of age and obtaining a retirement income stream there will be no tax on your superannuation fund and your income from your fund will also be tax-free. This makes superannuation the most tax effective form of building wealth there is. Many people can obtain a tax deduction for superannuation contributions.

GOVERNMENT CO-CONTRIBUTIONS

For those who are eligible to receive this benefit, they should get their non-concessional contributions paid into their super fund well before 30 June. Not many opportunities provide a return of 150% like this one.

PRE-PAY INCOME PROTECTION

The premiums for Income Protection policies are tax deductible in the year of payment and up to 12 months' in advance. Make best use of gaining maximum tax deductions this financial year by pre-paying for your IP cover.

INVESTMENT GEARING

The interest cost of the borrowing is a tax deduction and given the modest recovery of the markets from their low point now may be a good time to benefit from a modest gearing strategy. This strategy requires careful analysis of your cash flow and risk profile. Good investment advice is a must.

WASH OUT CAPITAL LOSSES AGAINST GAINS

Any Capital Losses should be used to offset your Capital Gains before June 30. Check that any realised Capital Gains could push your taxable income into a higher tax bracket.

PRE-PAY DEDUCTIBLE EXPENSES

In the same way as for IP cover (see No. 2 above), other tax-deductible expenses can be pre-paid up to 12 months in advance.

DEFER SUPERANNUATION WITHDRAWALS

Some components of your Superannuation Lump Sum will be taxed at your Marginal Rate of Tax, if you withdraw before 30 June.
However, if you are over age 60, all withdrawals will be tax-free for you.

SALARY SACRIFICE

Use Salary Sacrifice all year round to reduce your taxable income, particularly end of year bonuses. The Salary Sacrifice Agreement with your Employer must be in place before your bonus is determined. If sacrificing regular wages or salary, the Agreement must be in place on the first day to which the next pay period relates. An Agreement established on 1 July will cover you for the whole year.

Horticulture and Forestry Investment

There are a range of quality investments you can make not correlated to equity markets that will allow you to reduce your taxable income and use the savings to build wealth in other areas. This strategy needs to be considered by all high income PAYG clients.
Please remember that 30 June falls on a Tuesday this Financial Year, so most of these tips will need to be enacted at least the week before and even better still prior to the third week of June so please contact our office at your earliest convenience.

DISCLAIMER:

This is general advice only. It does not take into account an individual's objectives, financial situation or needs, which are necessary considerations before making any investment decision. Opinions constitute our judgment at the time of issue and are subject to change. This report was prepared by Futuro Financial Services for the sole use of the intended recipient. Its contents should not be disclosed, in whole or in part, to any other party without prior consent in each case. To the extent permitted by law, Futuro, its employees, consultants, advisers, officers and authorised representatives are not liable for any loss or damage arising as a result of any reliance placed on the contents of this report. Please contact us directly should you have any queries in relation to the information provided in this Report on 07 3018 0400.

Disclaimer
All representations and information contained in Futuro in Focus are made in good faith and are believed to be correct at the time of preparation. Articles are of a general nature and they do not purport to be specific investment advice. Individual needs or other considerations have not been taken into account, thus information contained herein should not be relied upon as a substitute for detailed advice. Futuro Financial Services will receive fees or brokerage from the provision of advice or placement of investments. You may, by contacting our Privacy Officer on 07 3018 0400 or by writing to Futuro Financial Services Privacy Officer GPO Box 942 Brisbane QLD 4001, request not to receive further editions of Futuro in Focus.