Superannuation – individuals
Individuals are able to claim a tax deduction for personal superannuation contributions up to your $30,000 cap for the 2025 financial year (which includes contributions from your employer). There are also other eligibility criteria you must meet.
As we approach the end of the financial year it’s a good time to start thinking about what you could do to minimise your tax liability.
Background
Partners, David and Annabelle owned a pharmacy in regional Australia. For some years, David had been planning his retirement following the introduction of Brenton, a younger partner a few years ago. Brenton quickly gained David’s and Annabelle’s confidence and was handed the day-to-day operations and management of the pharmacy, and the business thrived. They soon employed Jess, a young energetic pharmacist who was a great cultural fit with a ‘can do’ attitude. So, the idea of bringing her into the business ownership structure brought an opportunity for David to step into retirement sooner than expected.
Financial information can be creative too
Turning a creative pursuit into a commercial business is an exciting, rewarding journey – but it comes with its own set of challenges. As an advisor to creative clients, one of the biggest hurdles that I come across is that to understand your finances, they have to be presented in a way that makes sense to you – and that has challenged me to think more creatively in delivering meaningful information.
Last week was a big week in Canberra.
Firstly, we had the Budget that we didn’t think we were going to have, followed by the Opposition Leader, Peter Dutton’s response to the budget and then (no surprise to anyone) the Federal election was called early Friday morning for Saturday May 3.
