xLife Press Release: Last days of June 2013!

As we approach the last days of the 2012/13 financial year there are a number of things you need to be aware of which can not only save you money but can help boost your superannuation, according to Russell Cain, CEO of life insurance and superannuation specialist xLife.

 Income Protection Premiums Tax Deductible

 Your income protection premiums are tax deductible!  Take out an income protection policy before June 30 and start paying your premiums before June 30 and you can claim a deduction this financial year! You may be eligible to receive back up to 45 cents for each $1 of income protection premiums spent, depending on your marginal tax rate.

 Also, by paying your premiums annually, you may be eligible to receive an additional discount from your insurer.

 lease note that any income protection benefit you receive is tax assessable.

 Use your concessional contributions cap

 You may make up to $25,000 in concessional contributions from your before tax income into to your superannuation in the 2012/2013 financial year.

 For those who are self employed, making concessional contributions can reduce your taxable income.

 For employees, speak to your employer about salary sacrificing and how to set this up.

 Government co-contributions

 You can take advantage of government co-contributions if you earn less than $61,920 in the 2012/13 financial year.

 If you earn less than $31,920 and contribute $1,000 from your after tax income, the government will match your contribution. If you earn more than $31,920 and you contribute less than $1,000 the government contribution will decrease on a sliding scale.

Consolidate your super

 It is estimated that there is over $16.8 billion sitting in lost super accounts. Don’t become a part of this statistic and make sure you consolidate your super into one fund, maximising your potential to increase your retirement savings and reducing the amount of fees and insurance premiums you are paying.

It’s not too late to start! Talk to your financial adviser or speak to an insurance or superannuation specialist at xLife today!

xLife is Australia’s leading life insurance comparison service, comparing some of Australia’s leading life insurance companies! Call them today on 1300 135 205 or visit www.xlife.com.au

The information provides in this press releases is not designed to provide personal financial or investment advice. The information provided is general in nature and does not take into account your particular investment objectives, financial situation or investment needs.

xLife Pty Ltd is a corporate authorised representative of Millennium3 Financial Services Pty Ltd AFSL No. 244252.