As the End of Financial Year (EOFY) draws near, are you confident that you're taking all the necessary steps to maximise your financial growth?

EOFY is not simply a time for filing tax returns; it's a time to review your financial strategies and ensure you're ticking all the right boxes.

At DP Wealth, we're committed to helping you navigate tax time with confidence.

Our EOFY checklist is designed to help you optimise your end of financial year planning and prepare for a prosperous future.

• Collate records of all asset movements and decisions. Document all the fund's activities with minutes, and ensure all copies of all statements, valuations and schedules are on file for your accountant, administrator, and auditor.

• Ensure Timely Contributions. Superannuation contributions must be in your super fund’s account by the close of business on June 30. To ensure timely processing, aim to make your payments by Monday, June 24 or earlier if you can.

• Give notice of intent to claim a deduction for contributions. Are you planning to claim a tax deduction for personal concessional contributions? You must have a valid ‘notice of intent to claim or vary a deduction’.

• Review Concessional Contributions (CC) Options. Remember, the CC cap is $27,500 for the financial year unless you have unused carried forward concessional limits and a total super balance under $500,000 as of July 1, 2023.

• Utilise ‘Unused Carry Forward Concessional Contribution’ Limits. Maximise contributions by utilising unused CC cap amounts from up to five previous financial years.

• Optimise Non-Concessional Contributions (NCC). This is an excellent strategy for moving investments into super and out of personal, company, or trust names.

• Consider Downsizer Contributions. If you're over 55 and have sold your home, downsizer contributions of up to $300,000 per person may be an option for you.

• Calculate Co-Contributions. Co-contributions can be an effective way to boost your super. Understand the specific thresholds and contribution amounts that apply to you.

• Examine Spouse Contributions. Splitting contributions can be beneficial, especially if one of you is the main income earner or there is a sizeable age difference.

• Act early on off-market share transfers. Transferring personal shareholdings into your super? Act early. The contract is only valid once the broker receives a fully valid transfer form, making timing crucial.

• Review Capital Gains Tax on each investment. Examine any capital gains made during the year and over the term you've held the asset.

• Arrange market valuations. Regulations mandate assets to be valued at market value each year, including property and collectibles.

• Check the ownership of all your investments. Ensure the assets of the fund are held in the name of the trustees on behalf of the fund. Separate all SMSF assets from your other assets.

• Review your estate planning. Review your Binding Death Benefit Nominations (BDBNs) to ensure they are valid and match your Trust Deed. Make sure they reflect your wishes.

• Review any SMSF loan arrangements. Have you set special terms on a related party loan? Review the loan agreement to see if changes are needed. Ensure all Limited Recourse Borrowing Arrangements (LRBAs) payments were made through the SMSF trustee.

• Review your insurances inside and outside super. Check current TPD policies with an own occupation definition, as newer policies may not offer the same cover inside super.

• Partner with Your Accountant and Solicitor. Collaborate with your accountant and solicitor to develop a comprehensive superannuation strategy.

• Engage DP Wealth Advisors. Our financial advisors specialise in wealth management and tax planning and we offer advice tailored to your unique circumstances and financial goals.

Navigating the EOFY doesn't have to be overwhelming. At DP Wealth, we're committed to coaching you towards your financial goals.

Contact us today to discuss your EOFY strategies and secure your financial future.

This blog is for informational purposes only and should not be construed as investment advice or a recommendation to buy or sell any securities. Investing involves risks, including the potential loss of principal. It is general advice only, no consideration has been made for your current circumstances, attitude to risk or goals and objectives. Investors should consult their own financial advisor before making any investment decisions.