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Maximising your personal tax return

There are a couple of things that you can do before June 30 to maximise your personal tax return:

1. Spend up on deductible expenses: By prepaying your tax-deductible expenses for the year, you can bring the deduction forward into the current financial year.

3. Charitable donations: If you are considering donating money to charity, get it done quickly so that you can claim a deduction in this financial year.

2. Delay receiving income: If you can, try to defer receiving income until after June 30. By doing this, you will be able to minimise your taxable income in this financial year.

4. Fix up investment properties: If you own an investment property, you may wish to bring forward any maintenance. You can claim a lot of work that is done to an investment property as a tax deduction.

5. High income earners should consider health insurance: To avoid the Medicare Levy Surcharge, high-income earners may wish to take out private health cover.

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Secrets to a savvy SMSF

January 17, 2018

Opting for a self-managed super fund (SMSF) can be a clever financial decision, but it’s not for everyone.

If you aren’t prepared to adhere to the following tips, your SMSF will most likely fail to perform as well as you would of hoped it to.

Stay informed
You can’t expect your SMSF balance to be the most profitable for you in your retirement phase if you don’t remain educated on the vastly changing compliance laws. Remaining up-to-date with these changes, and how they impact upon your nest egg is an essential aspect of making your SMSF work for you, your spouse and your children.

Strategy
The ultimate long-term goal of your SMSF is to allow you to retire comfortably, maintaining the life you have become accustomed to throughout your working years. To do this, you need to have a strategy; the decisions you make regarding your SMSF should be part of this strategy, not just transfers here and there because your financial advisor told you to. Your strategy should be reviewed at least annually. You need to be aware of how each decision will impact upon and ultimately lead you towards the financial security you work so hard to achieve for your later years.

Seek advice
Running a self-managed super fund doesn’t involve having all the answers, but it does require understanding when it’s time to talk to a professional to get the best advice on your SMSF. You can never ask too many questions when it comes to your future financial security.