At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) has failed to follow the lead of international markets and is dropping lower. The benchmark index is down 0.3% to 5,831.3 points currently.

Here’s what has been happening on the market today:

Bank shares mixed.

The big four banks have had a subdued start to the week. At lunch just the Commonwealth Bank of Australia (ASX: CBA) share price is pushing higher with a 0.15% gain. Whereas the worst performer in the group is the National Australia Bank Ltd (ASX: NAB) share price with a 0.15% decline. Investors appear undecided on where the banks are going from here after a volatile few weeks.

Healius sells medical centres.

The Healius Ltd (ASX: HLS) share price has surged higher on Monday after announcing the sale of its medical centres to BGH Capital. According to the release, the healthcare company has agreed a fee of $500 million with the private equity firm. Completion of the transaction is expected to occur before the end of 2020. However, it remains subject to a number of conditions, including approval by the Foreign Investment Review Board.

Super Retail equity raising.

The Super Retail Group Ltd (ASX: SUL) share price was placed in a trading halt this morning. The retail group requested the halt while it launches an underwritten accelerated pro-rata non-renounceable entitlement offer to raise approximately $203 million at $7.19 per share. Management believes this equity raising will allow the company to continue to execute its strategy and pursue strategic growth initiatives. Super Retail also revealed that its like for like sales rebounded strongly in May.

Best and worst ASX 200 shares.

The Healius share price is leading the way on the ASX 200 on Monday with a sizeable 11% gain. Investors appear to see value in its plan to sell its medical centres to BGH Capital. The worst performer on the index has been the Domain Holdings Australia Ltd (ASX: DHG) share price with a 5% decline. This is despite auction clearance rates improving in Melbourne and Sydney at the weekend.

More reading

• One often overlooked tax tip that could save you thousands
• Why Appen, Healius, IDP Education, & Propel shares are racing higher
• Why the Super Retail share price is in a trading halt
• Is the Webjet share price ridiculously cheap?
• Gold mining shares – these are the facts and myths

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Super Retail Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The end of the financial year is a little more than a week off and there’s one tax tip that could save you thousands if you act quick.

This often overlooked exercise is to maximise your concessional superannuation contribution, and this financial year could be a particularly important time to undertake this review for many investors.

Why you should think more about taxes this year

For many, things were going well prior the COVID-19 crisis. Jobs were relatively easy to find, the economy was strong and the S&P/ASX 200 Index (Index:^AXJO) was trading at record highs.

Things looks a little more challenged for FY21 and things may not be quite as good as it was this financial year.

If you share a similar outlook, then it especially makes sense to see if you can reach your concessional super cap before June 30.

Just remember, this article isn’t tax advise and is only general information. You should check with your accountant to see if it’s right for you.

What are concessional contributions

Many do not think about super because – let’s face it, it’s boring. Also, people tend to think this is only something to worry about in the distant future as you can’t access it till you retire.

So, if you don’t know what concessional contributions are, you won’t be alone!

The most common type of concessional contribution is the super paid by your employer. While the amount makes up part of your total remuneration package, you don’t pay personal income tax on your super contribution.

But you can contribute more to your super on your own (called personal contribution), as long as you follow the rules.

Concessional contribution limits

Individuals are allowed to put in up to $25,000 a year into their super and deduct that from their taxable income. The contribution is taxed in the super fund at 15%.

As most taxpayers have a marginal tax rate in excess of 15%, the tax savings can be substantial, particularly since you can carry-forward unused concessional contributions limits if your super balance is under $500,000.

This carry-forward feature is only available from 1 July 2018 onwards and it’s on a five-year rolling basis. After which, unused carry forward “credits” that are unused will expire.

How to lower your tax liabilities

So, if you’ve received nothing in your super in FY19, you can put up to $50,000 into your super under the concessional scheme and deduct that from your taxable income.

Depending on your marginal rate, this could shave thousands off tax bill.

You can find out more information at the ATO website.

But as I mentioned earlier, you must check with your tax professional to see if this strategy works for you.

More reading

• ASX 200 down 0.3%: Big four banks mixed & Healius rockets on medical centre sale
• Is the Webjet share price ridiculously cheap?
• Gold mining shares – these are the facts and myths
• Is the Transurban share price a secret bargain?
• 3 ASX shares with 6% dividend yields to buy for income

Motley Fool contributor Brendon Lau has no position in any of the stocks mentioned. Connect with me on Twitter @brenlau.

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post One often overlooked tax tip that could save you thousands appeared first on Motley Fool Australia.

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