With the End of the Financial Year fast approaching its time to start thinking about your tax, there are many strategies that can be used to minimise your payments. If you are turning 65 in the 2014/15 financial year one strategy that may be of great benefit is the Bring it forward Strategy
Bring forward rule
This could be your last chance to bring forward two years of non-concessional (after-tax) contributions and make non-concessional contributions of up to $540,000 in one financial year without exceeding the non-concessional contributions cap. This can be effective where you have a lump sum, such as from an inheritance or the sale of a property.
If you have any queries regarding anything outlined in this article please call us on 03 5557 9111