These concessions can eliminate or reduce any capital gain made on the sale of a business. However strict conditions apply and if your business structure is not flexible enough to benefit from these concessions you may miss out. The recent changes have made the concessions available to a greater range of taxpayers than before.

WHAT YOU SHOULD DO

Consider a simulated sale and capital gain outcome. If necessary consider possible changes to your business structure. It will be too late after you have sold!

Adequate insurance is a must both for people in business or individuals. Will it cover your living expenses? Mortgage? You should consider the necessity for income protection insurance, trauma insurance and life insurance.

WHAT YOU SHOULD DO

Consider whether your current insurance is adequate for your needs. You may find there are cheaper options especially through super. Arrange a review as soon as possible.

All too often taxpayers make additional income through sales of rental properties, shares and other taxable events. Sometimes we just have a very good year from a business point of view. Or as wage earners we have few deductions and therefore small refunds. Strategies do exist for tax reduction before year end.

WHAT YOU SHOULD DO

If you believe you have events that will increase your tax payable consider planning before 30 June.

New strategies exist addressing the changes to superannuation. It is vital from a retirement planning point of view to be abreast of these issues.

Opportunities also exist regarding use of the government co-contribution and spouse contributions.

You should also consider if a self managed superannuation fund would be adequate for your needs. If you already have a self managed fund is your trust deed up to date with the changes?

WHAT YOU SHOULD DO

Review your super and insurance within super as soon as possible.