It’s been a year of change like no other and that extends to tax and superannuation. As the end of the financial year approaches, now is a good time to check some new and not so new ways to reduce tax and boost your savings.
The start of the financial year is always an excellent time to take stock of your current situation and visualise where you’d like to be in the future.
Tax deductions face greater scrutiny With the end of the financial year only weeks away, the ATO has announced that one of its key areas of focus this financial year-end will be rental property, although returns from taxpayers using cryptocurrency assets are also expected to come in for close attention.
The end of the financial year is the cue for most of us to look at our financial position heading into tax time.
Time is running out to get your financial house in order before 30 June. This is especially the case for anyone who has funds available to make a large cash injection into their superannuation retirement savings before the rules change.