The months of May and June are usually a very busy time of the year in terms of financial activities. Financial gurus and professionals like market watchers, accountants and even financial writers tend to focus more on June 30, the end of the financial year, than anyone else.

With the financial year coming to an end, individuals as well as businesses face a task in studying their financial decisions in the past year and how they will affect decisions in the next year. Whether you hire the help of a financial adviser or not, the new financial year offers great opportunities to make investments based on what was ignored during the last financial year. Whether you have a financial adviser to help you through this transmission, below are some strategies you should be thinking about.

Superannuation contributions

Superannuation refers to a pension program that’s created by an organization for its employees. There are very strict regulations that govern the maximum contributions that can be made into superannuation. Be sure to consult a financial advisor and find out if there’s room to increase the contributions while and hence reducing the tax payable by you.

Income protection insurance

Premiums paid for income protection insurance covers may be tax deductible. If your cash flow allows it, paying in June is recommended. In such a case, you can claim tax refund in July/August, reducing the time that such a process can take.

Spouse contribution

For couples where one earns more than their partner, spouse contribution would be a great way to add to the retirement savings as well as reducing the tax bill. You should check with your financial advisor/accountant  if there is any benefit/ penalty in salary sacrificing super contributions

Self-managed superannuation funds (SMSF)

The responsibility to ensure that your self-managed superannuation funds meet the set obligations is entirely your responsibility. The most common issue with these strategy is people do not have the minimum starting funds to run a SMSF or do not have the support from their financial adviser or accountant. This should be checked with their financial advisor before making any decisions re this type fund.

Government co-contribution

This service has been available to low income earners for years now. However, the benefits have reduced gradually reduced with time. Nevertheless, it is still a good way for them to increase their superannuation funds.

The strategies are not everything you should think as the financial year comes to an end. It however provides a good guide on where you get started to ensure that the next financial year is better than the current one. Consult with a professional financial advisor to make informed decisions on the strategies you implement.

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