Forman Financial Services

Financial Year 2022-23 Conclusion

The 2022/23 financial year is unique as it is the first time, many older Australians have the opportunity to make extra contributions to fund their retirement and, although 30 June 2023 is only a few days away, it is not too late to help boost your retirement savings and potentially save some tax.

Furthermore, with the upcoming indexation to the general TBC set to take effect on 1 July 2023 and the Government’s announcement that it intends to introduce a new 15% tax on earnings for members with a TSB greater than $3m, taking every opportunity to manage your TSB has never been as critical.  It is important to be across your past, current, and future contributions to get the timing right, to maximise contributions and take advantage of opportunities to rebalance superannuation benefits between couples.

Planning at this time of year is also critical for SMSFs paying income streams to ensure that minimum pension payments are made and that opportunities to take lump sums instead, are considered.

It is also a good time to review the valuation and appropriateness of investments, particularly for those SMSFs that have been relying on the ATO’s COVID-19 relief measures which no longer apply in 2022/23.


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Disclaimer and Warning
The information above is of a general nature only.  It should not be used as a source to make financial decisions.  It’s also important to note that the legislation and figures related to this topic tend to change regularly and therefore the information above may not reflect the current status.  We recommend that if you are looking for advice on this matter, you should contact us.