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Welcome to the June edition of E-Link

It's almost time to wish you “Happy New Financial Year” and we trust you find this edition useful in preparing for June 30.

We have included a few considerations for optimising your tax position for the year. This information is a starting point, rather than a comprehensive list, and you should discuss your situation with your Bongiorno adviser to find out about extra deductions you can claim.

While we are on the subject of tax deductions, a recent court case has opened up the potential for Youth Allowance recipients to receive tax deductions for self-education costs. However, this loophole has been closed from 1 July 2011. Self-education deductions will still be available for those in the workforce who are increasing their skills. We look at what comprises ‘self-education expenses’ and some of the limitations that apply.

Excess superannuation contributions have been much in the news lately. Some extremely heavy penalties have been given to people who have inadvertently breached the caps imposed by the federal government. It all comes down to how the contributions are calculated and we look at some of the unusual items that are counted towards the contributions cap. Some relief has been given in the 2011 Budget but caution is still required.

The floods in Queensland and Victoria and the fires in Perth earlier this year have emphasised the importance of having a disaster recovery plan for your business and your family. We also look at some of the ways that you can make the recovery process easier.

Finally, as always, we review upcoming important dates.

If you have questions about any of the articles in this newsletter, please speak to your Bongiorno adviser.


The Bongiorno team

Year-end tax planning

June 30 is fast approaching, so how can you optimise your tax position before the end of the financial year? Read More »

Self-education and the Youth Allowance

A recent court decision has opened the door for recipients of Youth Allowance to claim self-education costs, although this will only apply for the 2011 financial year. Find out if you can claim for self-education expenses and which records you need to keep. Read More »

Excess superannuation contributions

Large penalties apply if you breach the superannuation contribution limits. Find out what the limits are, and how to accurately assess the total contributions to your account.Read More »

Disaster recovery

If you suddenly had to leave your home or business in the midst of a disaster, what should you take with you to enable you to get back on your feet quickly? We offer you advice on how to develop a personal and a business recovery plan.Read More »

Upcoming dates

We are pleased to be able to provide you with some upcoming dates...Read More »