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.

Regards,

The Bongiorno team