For many of us, the idea of taking time out to reflect on our finances before financial year end can be overwhelming. We tend to procrastinate until it’s too late and then we promise ourselves that we will be better prepared next year.

For this reason, we reminded clients in the Convergence Wealth monthly newsletter last week the importance of planning for the end of the financial year. We highlighted that it was not too late to start strategising, even though there are only six weeks left in FY 2022.

The top three financial year end strategies being discussed with clients include managing various types of superannuation contributions to build wealth for retirement while gaining a tax benefit upfront, bringing forward interest & expense deductions before June 30 to reduce taxable income, and finalising salary sacrifice arrangements to reduce taxable income in the next financial year.

Please note that the suitability of any strategies will depend on your financial and personal circumstances, so it is important to seek professional advice before making decisions.

At Convergence Wealth, we offer our clients a comprehensive Ongoing Service Package that includes a regular financial health check to determine the appropriateness of any advice and the suitability of financial strategies recommended.

So, what are you waiting for? DM me privately if you would like to discuss your situation or make a start by following our company page at Convergence Wealth

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