EOFY considerations

EOFY considerations

The end of the 2016/17 financial year is drawing near and there are some financial considerations to be aware of before the books close on another year.

  1. If you’re retired and drawing an income from your superannuation account, check you’ve not exceeded the $1.6m transfer balance cap
  2. Are you nearly retired and using a Transitioning to Retirement (TTR) pension? New tax rules are coming into effect that may impact you and you should seek financial advice to identify whether you should retain your pension or rollback into super
  3. Have you made personal contributions to superannuation to receive the government co-contribution? Get your payments in soon to make them count!
  4. Check the super and tax thresholds for the 2016/17 and 2017/18 financial year to make sure you are under and remain under the caps.

Set an appointment with your financial adviser to review your strategies and potential impacts from new legislative changes to remain on the front foot of your financial health. The end of financial year is always a good time to review your financial situation, your goals and the tools and strategies available to you. At UP Financial Planning we can work in consultation with your accountant so that you have a great financial team working to bring you closer to your financial goals.

Kellie & Cesar

Disclaimer: The information provided in this document, including any tax information, is general information only and does not constitute personal advice. It has been prepared without taking into account any of your individual objectives, financial situation or needs. Before acting on this information you should consider its appropriateness, having regard to your own objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser. From time to time we may send you informative updates and details of the range of services we can provide. If you no longer want to receive this information please contact our office to opt out. Millennium3 Financial Services Pty Ltd ABN 61 094 529 987, AFSL 244252

 

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