Pre 30 June Checklist

checklist

Life in Australia has somewhat returned to normal (touch wood) which means we have the opportunity to check that our financial plans are on track and we make the most of our opportunities before the end of the 2021 financial year. Take 5 minutes of your time to run through this checklist to make sure you don’t miss anything before it is too late.

Contributions

  • Have you considered making a personal concessional contribution to super before 30 June 2021? Discuss with your advisor to optimise your tax position. Read our blog on Making Personal Contributions to Super.
  • Do you make contributions from your trust or business? Make sure they are deposited well prior to 30 June 2021 to ensure they clear the bank account.
  • Will you benefit from contributing your unused concessional cap from 2020 under the catch-up (carry forward) contributions rule?
  • Can you make non-concessional contributions to super? Contact your advisor as delaying to 2022 may be in your interest due to the increase in caps next year (check out our blog next month to find out more)
  • Are you aware that you can contribute now up to the age of 67 without meeting the work test? Find out what that may mean for you here – Work test age lifted
  • Have you considered splitting last year’s contributions with your spouse? Ensure you have completed the appropriate forms and checklist before 30 June 2021 and submitted to your super fund (read here about the Benefits of contribution splitting )
  • Are you thinking about putting a salary sacrifice arrangement in place with your employer? Ensure you have completed the necessary paperwork before 30 June 2021. Read our blog on salary sacrificing to super here.
  • Do you know about the reserving strategy? This can be a very useful strategy for those wanting a large tax deduction in 2021 (both individuals and those in business). Contact us to find out more.

Pension members checklist

  • Are you in pension phase? Check you have taken your minimum amount before 30 June 2021 (after the 50% COVID reduction).
  • Will you be commencing a pension 1 July 2021? If so make sure you prepare the appropriate documents and be aware of the changes to the transfer balance cap in 2022 (check out our blog next month to find out more).
  • If you are commencing a pension on 1 July 2021 don’t forget to lodge your TBAR report (see our blog if you are unsure what a TBAR report is here)
  • Is your balance over $1.6m and have you considered withdrawing the excess before 30 June 2021 as a lump sum? Discuss with your advisor to optimise your tax position and ensure appropriate documents are in place. Read our blog on lump sum payments here.

2021 and beyond

  • Are you aware of the increase to the concessional contribution cap in 2022? Read next month’s blog to find out more
  • Do you know that the transfer balance cap is increasing in 2022? Read next month’s blog to find out more
  • Do you own property in your fund? Ensure you have updated the market value in recent times as it is likely there has been a change
  • Is your estate planning in order? Contact your advisor to check your current documentation
  • If you have an SMSF is your fund as automated as possible? Read about the benefits of automation here.

There is plenty of time to sort everything out so get in touch with your trusted advisor or contact us here if you would like assistance with your 2021 checklist.

This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.