You could save on tax and fees this end of financial year

The countdown to June 30 has begun. It’s not too late to save tax and fees and make sure you’re prepared for the end of the financial year—use our tips and handy checklist to help.

End of financial year strategies can help you save tax and boost your retirement nest egg.

Consider our top tips—and remember there are contributions limits when depositing into super:

  1. Receive a super top-up from the government
    When you make a contribution to your super of up to $1,000 with after-tax dollars you may receive an additional super contribution from the government of up to $500 (known as a co-contribution). You may be eligible for the government contribution in the 2013/14 financial year if you have:
    - Earned less than $48,516 including assessable income, fringe benefits and certain super contributions such as salary sacrifice contributions
    - Made an after-tax super contribution
    - Earned at least 10% of your income from eligible employment, running a business or both
    - Held permanent Australian residency and are aged under 71 at the end of the financial year.
  2. Boost your spouse's super and save tax
    If your partner isn’t working, or earns less than $10,800 per annum, you may be able to claim an 18% tax offset on the first $3,000 of after-tax contributions you contribute to their super account.
  3. Pay less in fees
    If you have more than one super account you could be paying multiple sets of fees. You could reduce the amount of super account keeping fees you pay by bringing your super together in one account.

End of year opportunities to consider

The below table outlines some opportunities that could help you make the most of your super. However, as everyone’s situation is different, call your financial planner or contact AMP on 1300 158 587 and we’ll help you find a planner to help. 

Your situation

Potential strategy

Potential benefits

You have a loan for an investment such as a rental property or an investment portfolio.

Consider pre-paying the interest on your investment loan.

You may be able to increase your tax deduction for this financial year.

You have received a lump sum—from an inheritance or selling your home for example.

If you have earned less than 10% of your income from eligible employment or are not working, you could consider paying the lump sum into your super and claiming your super contribution as a tax deduction. Before doing this you should be aware of contributions limits.

You may be able to lower your tax bill.

You’re eligible for a government co-contribution.

Consider making a personal after-tax contribution into your super.

You may qualify for a government co-contribution of up to $500 and increase your retirement savings.

Your spouse earned less than $13,800 in the financial year.

Consider making an after-tax super contribution into your spouse’s super account.

You may receive a tax offset of up to $540 and increase your partner’s retirement savings.

AMP can help

If you’d like some help planning and organising your super for the end of the financial year, speak with your financial planner or call AMP on 1300 158 587.

What you need to know

Any advice on this page is general in nature and is provided by AMP Life Limited ABN 84 079 300 379 (AMP Life). The advice does not take into account your personal objectives, financial situation or needs. Therefore, before acting on this advice, you should consider the appropriateness of this advice having regard to those matters and consider the Product Disclosure Statement before making a decision about the product. AMP Life is part of the AMP group and can be contacted on 131 267. If you decide to purchase or vary a financial product, AMP Life and/or other companies within the AMP group will receive fees and other benefits, which will be a dollar amount or a percentage of either the premium you pay or the value of your investments. You can ask us for more details.