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30 June 2013 is looming…

30 June 2013 is looming…

The countdown to the end of the financial year is on and that means that you should start to focus on your end of financial year position and any tax planning that is appropriate for you. Don’t leave it until the last minute. The following is the starting point for your end of financial year decision making.

Please read the detail in the End of Financial Year edition of Words of Wisdom before you act!

  • Pay expenses that will attract a tax deduction before 3o June;
  • Make a donation to your favourite charity before 30 June;
  • Prepay interest on an investment loan;
  • Review your superannuation contributions caps to ensure that you don’t have an excess contribution;
  • Defer income to 1 July;
  • Organise paperwork to prepare your income tax return;
  • Pay super contributions by 30 June to receive deductions in 2013;
  • Consider capital acquisitions of less than $6,500 + GST for plant & equipment or $5,000 + GST for motor vehicles for immediate deduction;
  • Prepay 2014 Financial Year expenses.

If you did not receive a copy of the End of Financial Year edition of Words of Wisdom, we may not have your current email address. Please contact your account manager with your current information.

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