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What does a Shark Tank judge do for end of financial year?

Wayne Groznik - Thursday, June 04, 2015

If you are anything like the team at Set4Life, you love the show Shark Tank, it’s great look at people’s businesses and how others really perceive them at the roots.

 

A great ‘shark’ on that show is Naomi Simson, she knows her stuff, there is a reason that Red Balloon has grown to be one of Australia’s great business stories over the past decade.

 

So, what does a shark recommend coming up to the end of financial year? Well, funny enough, it’s all the similar things that we have been saying to clients year after year.

 

Let’s have a look at them, from the story at www.news.com.au

 

 

SUPER BONUSES

It’s not too late to top up your retirement savings through salary sacrifice.

You can make pre-tax payments into your super fund of up to $30,000 a year (or $35,000 if you are over 50) at a tax rate of just 15 per cent rather than your marginal tax rate.

 

DRIVE AWAY

The end of the financial year is a great time to get a car deal as salesmen have incentives from manufacturers to clear stock before June 30.

 

WRITE DOWNS

A lot of people start thinking about tax deductions too late but there is a way to be smart about the end of financial year if you work from home or incur business-related expenses.

Plan ahead and buy all the stationary, printer cartridges even pay for broadband and phone plans in advance of June 30 to use them as deductions this financial year,

 

INVESTMENTS

Hanging onto shares may be a good idea.

‘‘If you hold shares for 12 months you only have to pay half the capital gains tax on any profit you make when you sell them,”

 

 

 

 

The whole story can be read at http://www.news.com.au/national/shark-tank-judge-and-red-balloon-founder-naomi-simsons-tips-for-tax-time/story-e6frfkp9-1227377956310

 

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