financial planner

Why should I see a financial planner before June 30?

Most of us know that feeling of not being completely on top of our finances.

We usually have a rough idea of where our money is, how much we have, how much we spend and how much we need.

With the end of financial year approaching, now is a fantastic time to get your money matters in order and the best place to start is by calling a Financial Planner.

A Financial Planner can look at your budget, your lifestyle, your spending patterns and come up with ways to make your money work better for you and hopefully, provide some savings before tax time.

Personal (non-concessional) contributions to your superannuation

This is a great opportunity to tip some of your money into your superannuation fund.

Your contribution does come with some guidelines though with a cap or ceiling in place of $180,000 this financial year.

However, if you are under 65, you could put in as much as $540,000 as the Government really tries to encourage people to build up their super as much as possible while you are still working.

Personal (concessional) contributions to your superannuation if you are self-employed

This sort of contribution acts in the same way as the above method, that is, you are choosing to make an extra contribution to your superannuation fund.

The main difference is that the cap is less and there are some age limits that come into play too, and you must be predominately self-employed.

These sorts of restrictions can change year by year and that is why a Financial Planner is best equipped to help you make the right decision.

Taking advantage of the Government’s co-contribution to superannuation

The Government wants to do all it can to encourage you to save and its motive is pretty clear. The more you have in retirement, the less it has to pay you via the Aged Pension.

The maximum contribution you can receive is $500 per year but it is means tested so you are more likely to be eligible if you are a low to middle income earner.

The best news is you don’t have to apply for the Government contribution; the money will be deposited directly in to your super fund as long as the ATO has your tax file number, and you have made an after tax contribution prior to 30 June.

Making a spouse contribution – why is this a good idea?

Anything that lowers the tax you pay is a good idea and putting some money into your partner’s superannuation can work really well.

Your Financial Planner is in the best position to explain this as it does have a couple of prerequisites centered around how much annual income your partner makes, whether they earn money at all and how much you can divert to their super.

Boost your savings and lower your tax with salary sacrifice

Salary sacrifice is a win/win situation. Instead of accepting all your income from your employer, you can request that some of it goes directly to your superannuation fund.

This way you pay the lower superannuation tax rate, a maximum of 15% and also boost your savings for retirement down the track.

Can I claim or change premiums on personal income protection?

The answer here is usually yes but it depends on your policy and your personal situation.

Check in with a Financial Planner who will be able to answer this question for you as well as advise on when to consider changing premiums.

Too often, people open a policy and then forget to look at it again, yet our needs and circumstances change all the time and it is worth re-visiting your premium payments and your policy regularly.

Create a financial or retirement plan

All of us want to have control over our money, not just now, but for our future too.

That is why now, with the end of financial year approaching, it is a great time to visit a Financial Planner, put everything on the table and map out a future that will manage your wealth in a way that best suits you.

To make an appointment to see one of our financial planners call us on 13 25 85 or book an appointment online.

This information is of a general nature only and has been provided without taking account of your objectives, financial situation or needs. Because of this, we recommend you consider, with the assistance of a Financial Planner, whether the information is appropriate in light of your particular circumstances and needs.

Financial planning services are provided by Eastwoods Wealth Management Pty Ltd ABN 17 008 167 002 / AFSL 237853 trading as Beyond Bank Australia Wealth Management. Eastwoods Wealth Management Pty Ltd is a subsidiary of Community CPS Australia Ltd ABN 15 087 651 143 / AFSL 237 856 trading as Beyond Bank Australia.

Any general tax information provided is intended as a guide only and is based on our general understanding of taxation laws. It is not intended to be a substitute for specialised taxation advice or an assessment of your liabilities, obligations or claim entitlements that arise, or could arise, under taxation law, and we recommend you consult with a registered tax agent.