Reminder - EOFY matters

An overview of the matters that you should consider, particularly for your superannuation, is:

• If you are looking at making additional super contributions before the end of financial year, please note that as a general guide you need to have those contributions to your super fund before Wednesday 27 June 2012 at the latest otherwise they cannot guarantee that your contribution will be processed in time for the last business day of the financial year, which is 2 Friday 29 June 2012.  If you are not sure of the contribution processing cut off date for your fund, please contact them immediately.
• Don't forget that from 1 July 2012 the concessional contributions cap for over 50's is reducing.  The concessional contributions cap will halve from $50,000 to $25,000 from 1 July 2012 to 30 June 2014.  If you exceed the contributions cap for any financial year, excess contributions will apply.  You need to refer to your accountant or taxation adviser before making your final contributions for this year, and any future financial years, to make sure that you do not exceed your relevant contributions cap.
• Prepaying health insurance premiums and lock in the maximum private health insurance rebate in 2012/2013.  From 1 July 2012, the private health insurance rebate will be income tested resulting in single people with income above $84,000 p.a., and families with income above $168,000 receiving a reduced rebate.  A number of private health insurance funds have been promoting the ability to prepay insurance premiums for next financial year to lock-in eligibility for the full 30% private health insurance rebate.  You should discuss this with your health fund to see if this is appropriate for you.

As always, the end of financial year is a busy time for all.   It has been a difficult year, and it appears that the difficult times may continue for  a while yet.  If you need any help with any end of financial year matters please contact our office immediately.