With June 30 fast approaching, now is the perfect time to work towards achieving the financial future you want.

Here are five top tips to help you achieve the financial future you want:

Top tip 1Reduce the amount of tax you pay by salary sacrificing some of your wage into super

By salary sacrificing some pre-tax salary into your super, you could potentially reduce the amount of tax you pay and set yourself up for a better lifestyle when you stop working.

For example, John chooses to salary sacrifice $5,000 of his future salary into his super. Because the $5,000 was salary scarified it’s treated as a pre-tax concessional contribution and only taxed at the superannuation tax rate of 15%, instead of up to 45% which is the current maximum tax rate.

Concessional contributions are subject to a cap of $25,000 per person, per financial year, if you’re under the age of 60 and if you’re over the age of 60 they are capped at $35,000 per financial year.

Top tip 2Grow your super with a contribution from the government!

If you earn up to $33,516 per annum and contribute up to $1,000 from your after-tax personal savings into super, then your super could receive up to $500 from the government’s co-contribution scheme.

Top tip 3Reduce the amount of tax you pay this financial year by pre-paying interest on your loan

If you have an investment portfolio or property with a loan attached, you can arrange to pay the interest a year in advance and may qualify to claim the interest as a tax deductible expense for this current financial year.

Top tip 4Give something extra to your partner

If you’re partner isn’t working, or earns less than $10,800 per annum, then you may be able to claim an 18% tax offset on the first $3,000 you contribute into their super account.

Top tip 5Consolidating your super

By holding more than one super account you could be paying additional sets of fees. A way to reduce paying additional fees is to consolidate your super.

If you would like support on any of the above, speak to your financial planner or contact us on 02 4962 4440 or email

Financial Health Check

Disclaimer: This editorial provides general information only. Before making any financial or investment decisions, we recommend you consult a financial planner to take into account your particularly investment objectives, financial situation and individual needs. Charter Financial Planning and its authorised representatives do not accept any liability for any errors or omissions of information supplied in this editorial. Charter Financial Planning Limited ABN 35 002 976 294 AFSL Licence No. 234665. Principal Address 750 Collins Street GPO Box 2830AA Melbourne VIC 3000.

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