With only 9 days before the end of financial year, and 5 working days for processing, here are my top 5 tasks To Do before the year end. You may not get a chance to benefit from a few of these options again. Act now!
1. Co-Contribution
It won't be this good again. From 2012/13, the maximum co-contribution will drop to $500, cutting out at an income threshold of $46,920.
This is your last chance to receive up to $1,000 as a government co-contribution.
For the 2011/12 financial year, those with ‘total income’ of $31,920 or less who make a $1,000 personal contribution to super are eligible for a maximum government co-contribution of $1,000.
The co-contribution reduces by 3.333 cents for each dollar over $31,920, cutting out completely once your total income reaches $61,920.
2. Private Health Insurance Rebate
Again, it won't be this good. From 2012/13, the private health insurance rebate will be income tested, so those singles earning over $84,000 and families earning more than $168,000 will have reduced rebates on private health cover.
However, if you pre-pay your annual premium before the end of June 2012 to cover the next 12 months, you'll still get the full rebate.
3. Protect Your Income
Did you know? Of the working population, one in six men and one in four women are expected to suffer a disability from the age of 35 to 65 that causes a loss of six months or more from work.[1]
Securing your income is not only good sense, you can also claim a full tax deduction on the premium. To make this happen before 30 June 2012, contact me immediately!
Take our 10 second insurance check to see your need for this valuable cover.
4. Deductibles
There are plenty of expenses you can bring forward – income protection premiums, charitable donations, income related expenses, interest payments etc – talk to your Accountant about what will work for you.
5. Over 50 and have spare cash?
June 2012 is the last chance for anyone over 50 to put up to $50,000 in their super from their pre-tax salary. From July 1 the amount is capped to (at the 15% tax rate) $25,000.
Any contributions over $25k but under $150k will be taxed at 46%.
If you’re over 50 and already salary sacrificing it’s also a good idea to check that you stay within the new caps.

One last tip… Consider salary sacrificing next year.
When you’re reviewing your tax and super, consider salary sacrificing if your employer offers it. Putting more of your pre-tax salary into your super can be an effective way of growing your balance. With the right salary sacrifice strategy you can pay less tax and save more money, with little or no difference to your daily budget.


[1] Source: Institute of Actuaries. Table IAD 89-93 - white collar males and females, Dec 06.