FPA members have fielded close to 250 enquiries from individuals seeking financial advice resulting from the association’s Ask an Expert iniative launched in May during Financial Planning Week.
The online Ask an Expert campaign, that ends on 1 July, encourages the public to get financial advice free of charge and without obligation.
However, it also opens the door for public interaction with financial advisers as the industry deals with significant changes expected from Financial Services Minister Bill Shorten’s Future of Financial Advice reforms.
FPA chief executive Mark Rantall said he hoped members of the public would keep using the service in the run-up to the end of the tax year.
“Annually this is one of our busiest times and a period when many Aussies assess their financial planning needs – so an ideal time to seek some sound free advice,” Rantall said.
The FPA named five ways to maximise tax benefits before 30 June, including work deductions and superannuation contribution caps.
“Before making contributions into superannuation, you must consider the accumulated total of what you have contributed thus far in the financial year and determine whether or not you have or will exceed your limit,” the FPA said in a statement.
“You should always check with your financial planner and/or superannuation fund(s) to confirm. Exceeding the contribution cap will result in a penalty tax of 46.5 per cent on the excess amount.”
The FPA added it was not too early to plan for next year, including strategies for managing debts, making budgets and ensuring investments were providing maximum returns.
