30 June Year End Planning 2012

As we close in on 30 June 2012, a few timely reminders:

1. Superannuation contributions must be in your fund by 30 June 2012 to fall within the 30 June 2012 tax year-end. Therefore, contributions must be made no later than 27 June 2012.

2. Government Co-contributions reduce from $1,000 to $500 after 30 June 2012 so if you earn less than $31,920 you may qualify for a full co-contribution of $1,000. Consult us first.

3. Income protection – you can pre-pay 12 months or apply now for this valuable tax deductible expense.

4. Connect the Dots..to your Business Function – Clive Cooke’s presentation was excellent and well received by the group. Clive has pleasure in enclosing his tips for 30 June 2012 tax planning. Please call him if you need to consult with him – 0412 049340. Photos of the event can be viewed on our web site, by clicking Green Dot Function Photos

5. Concessional super contribution limits – DO NOT EXCEED them. Consult us if necessary.

6. Reduction in over 50’s super contributions – After 30 June 2012, over 50’s are restricted to $25,000 for concessional/tax deductible contributions like everyone else (so this may be your last chance for $50,000 deduction, unless legislation changes again as anticipated in 2014 if your balance is less than $500,000 and you are over 50).

Please seek advice before acting on any tax planning or financial planning strategies.

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