Good Evening All,
Ah, March at last thank goodness. Not because March is a particularly exciting month in the world of tax (that’s May), but because once again February was my alcohol free month for the year.
I’ve been doing this for years – well before it became trendy. Each year I think I must get myself organised for sponsorship, so you can all make tax deductible donations of course, but once again I didn’t get around to it. So you are all let off the hook for another 12 months. I managed to survive the whole 28 days, only once (on a particularly stressful day), having to resort to sniffing at a bottle of plonk that had been left half open in the fridge all month!
So, for the two clients who recently sent “thank you” cases of wine (a custom that I think needs to be encouraged – perhaps even enforced), I am looking forward to finally being able to open them – although perhaps not all at once!
However, before I sit down with a nice little merlot, here are five things I want you to do this month to help you get more control of your finances …..
1. Get your super statements out, add up the contributions made since 1 July 2011, add on those you expect to make up to June 30 2012, and make sure you will not exceed the contributions threshold of $25,000. If you are going to go over the cap reduce your contributions now to avoid the potential excess contributions tax. Note that is no longer a higher maximum for the over 50’s.
2. Open a superfund account for each of your kids (of any age) put a couple of hundred dollars in it for them & tick the high growth option. Any cheap superfund is fine, try Australian Super or Virgin Australian Super both suitable for small balances, or look at page 3 of this months newsletter on my website for further cheap super options. You will need to apply for a TFN for each child first, if they don’t already have one. You will need to go to an ATO ‘Shopfront” to do this, click here for locations taking various ID and a pint of the child’s blood. (No, not really the blood bit!)
3. Need more property in your portfolio? Remember NRAS? Have another look at this guide to NRAS we sent out last year. If you want to know more contact Emma Allen on 0409 153 875 email@example.com to discuss how to invest in a new rental property, Australia wide, and have the government pay you c.$10k tax free rent each year. Emma doesn’t work for me, I just like what she does!
4. If we have not received your 2012 tax records please send them in ASAP in order that we can complete your returns before the looming dead line. The ATO will fine $550 for late returns – not to mention bringing my very important on time lodgement % down!
5. Make sure you have signed up for our blog where we will be putting free information to help you pay less tax and build more wealth on a regular basis.
Finally, the March newsletter will be on the website over the weekend under the newsletter tab. Anyone over the age of 55 needs to read page 8 if they don’t already have a transition to retirement pension in place. Anyone employing others please read page 6 for upcoming changes, and everyone running a business should read the first page for changes to capital allowances.
So there we have it, wish me luck (and less rain) for the gear-up girl bike ride challenge that short thing and I are doing on Sunday.
Please feel free to forward to family and friends, and call me if you want to discuss any of these further. 02 8090 4112 or 07 3103 0771 or 0413 952 180.