Important considerations for 2021-22 EOFY
For many of us, the period just before the end of the financial year can be an important time to look at finances. Taking stock at this time is a great way to check in on your situation and see if any changes are needed in the lead-up to 30 June.
For example, it may be a good idea to review your existing (and expected) concessional contributions to superannuation for the 2021-22 financial year—to see if you are making the most of the annual concessional contributions cap limit.
Below we’ve included a list of some key EOFY considerations to bear in mind. While these strategies may help reduce your personal income tax and/or provide for your retirement, their suitability will depend on your own eligibility and circumstances.
Capital gains and losses
Deductible interest and expenses
Private health insurance
Superannuation
Just before the end of the financial year can be an opportune time to review your finances and plan for the year ahead—and by doing so, you’ll see if any further actions are required prior to 30 June.
Importantly, while the above list of EOFY considerations could be helpful with respect to several areas of your finances, please consider seeking qualified professional advice for a proper assessment of their suitability.
As always, it’s important to seek qualified professional advice before making any changes to your finances. So if you would like more details, just contact us.
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