Strategies and tips for SMSFs with EOFY tax planning
With 30 June now only weeks away, Liam Shorte, director of Verante Financial Planning, provides a range of tips, traps and strategies for end of financial year tax planning for SMSF clients.
Liam gives an overview of the various contribution strategies available and how different strategies can interplay with each other to provide greater opportunities for SMSF clients.
With the changes to the work test and downsizer contributions commencing from July, Liam also highlights some important considerations around the timing of strategies.
He also discusses a number of other critical areas, including making the most of capital losses where clients have been impacted by market volatility and strategies for managing the total superannuation balance and tax for estate planning purposes.
In light of the recent Supreme Court of NSW decision of Benz v Armstrong, Liam also chats about whether SMSF clients may want to review their binding death benefit nominations.