A 9 step checklist for business owners before the EOFY
Tags: super, end of financial year, EOFY, investments
The countdown is well and truly on for the end of financial year! Here’s a handy checklist of things business owners should consider in these last few weeks of June (if you haven’t already!)
- Check your cash balance for your business and your personal cash balances
- Check your super balance and the amount of contributions made for the financial year so far
- Check your pre-tax contribution limits:
- Pre-Tax (concessional contributions) up to age 49 - $30,000 limit
- Pre-Tax (concessional contributions) over age 49 - $35,000 limit
Please note: these limits include superannuation guarantee contributions made by employee and any salary sacrifice.
- Consider contributing extra cash into super before the end of the financial year, up to your concessional contribution limit
- Consider non-concessional (after tax) contributions to super with any additional cash (limit $180,000 per annum)
- Consider other salary sacrifice options including car fringe benefits, education costs, child care costs, and loan repayments
- Review your super performance and fees
- Seek financial advice from a qualified financial adviser with regards to your superannuation and other financial planning issues outside of super, including personal insurances, investment structures, estate planning and budgeting
- Make a note in your calendar/diary to review this every year at a specific date - for example, 1st June every year – so you’re not in a rush J
If you’re not quite sure where to start and would like to speak with someone about helping you do the above, get in touch for an obligation-free chat - we’d love to help.
