End of financial year is fast upon us yet again. To make sure you’re ready and to maximise your tax savings, I’ve prepared some tips and tricks:

1. Reviewing your insurance coverage might save you $

We all know that our circumstances can change at the drop of the hat. Therefore, as our situation changes, so does our need for risk protection. If you’ve had your cover in place for some years and it’s been just as long since you’ve reviewed it, now’s the best time. Even if the amount of cover is still appropriate, you may want to modify the way in which you fund the premiums to make them more tax effective.

2. Bring forward your expenses

From a personal point of view, you might consider the option to pay a year ahead on your income protection policy. All income protection premiums paid by the individual are tax deductible at their highest marginal tax rate, this will mean a greater tax deduction at tax time.

From a business perspective, you may wish to do the same. However, the tax deductibility on certain policies such as Key Man and Buy/Sell will be determined whether the policy is meant for revenue or capital purposes. Speak to your Risk Adviser or Accountant to find out more.

3. Speak to an expert

As with anything not directly relating to your own field of work, we employ the services of specialists for certain tasks. I recommend you speak with your Financial Adviser, Risk Adviser and Accountant before making any changes to your current arrangements and to seek advice on how to maximise your tax savings this financial year.

Please note that the above is provided as general advice. If you would like more tailored advice regarding your insurance needs or in the lead up to the end of financial year, please contact us today. One of our advisers would be delighted to speak with you.