Now for the intermediate list…

• See a fee-for-service financial planner to discuss your insurance cover, and make sure your financial planner agrees to rebate any commissions they receive from insurance companies back to you.

Also refer to the following blog post:

Questions to Ask about Insurance

• Make sure you have adequate income protection insurance (held outside super).

• Make sure you have adequate life and total and permanent disability (TPD) insurance.

• Consider getting trauma insurance (held outside super).

• If you own a business, make sure you have adequate business expense insurance and/or key person risk insurance.

• Check you are not overpaying on income protection, life and TPD, trauma and business insurances using online insurance comparison websites.

Refer to the following link:

www.insurancewatch.com.au

• Check with your accountant if you are eligible to make personal tax-deductible contributions into super.

And/or refer to the following link:

Claiming deductions for personal super contributions

• Check with your employer if they allow “salary-sacrificing” of super, and check with your accountant about this too.

And/or refer to the following link:

Salary sacrificing super

• Check with your accountant if you are eligible for the government super co-contribution, the low-income super contribution and the spouse super contribution tax offset:

And/or refer to the following links:

Government super co-contribution

Low income super contribution

Spouse super contribution offset

• Check with your accountant if you are eligible for super contributions splitting with your spouse.

And/or refer to the following link:

Super contributions splitting

• Check with your accountant about making in-specie contributions into super.

And/or refer to the following link:

In specie contributions

• Check with your accountant if you are eligible for a transition-to-retirement income stream through super.

And/or refer to the following link:

Transition to retirement

• Check with your accountant if you are maximising all other available tax deductions, both inside and outside super.

• Check with your accountant if you are eligible for the low-income tax offset.

And/or refer to the following link:

Low-income tax offset

• Check with your accountant if you are eligible for the net medical expenses offset.

And/or refer to the following link:

Net medical expenses offset

• Check with your accountant if you are eligible for the senior Australians and pensioners tax offset (SAPTO).

And/or refer to the following link:

Senior Australians and pensioners tax offset (SAPTO)

• Check with your accountant if you are eligible for the living-away-from-home allowance (LAFHA).

And/or refer to the following link:

Living-away-from-home allowance (LAFHA)

• If you already own investment property, ask your accountant about income tax withholding variations.

And/or refer to the following link:

PAYG withholding variation

Read Level 3 – Advanced next…