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When the end of the financial year comes around an emergence of what claim to be tax-effective investment products can be seen. If you are considering such an investment, seek independent advice from your CPA Australia-registered tax agent before making any kind of major decision.

Salary sacrifice arrangements can be considered by employees, under which their gross salary may be surrendered to obtain either a packaged car for fringe benefits tax (FBT) purposes, or they can make additional contributions to their superannuation.

A $1.6 million transfer balance cap will be introduced on the total amount that can be transferred into the tax-free retirement pension phase from accumulation, starting from 1 July 2017. Superannuation balances can remain in the accumulation phase if they are in excess of the transfer balance cap.

For most employees having your entire super in one place makes a lot of sense to. It will allows you to reduce the amount of fees you're paying, receive one lot of paperwork and only have to keep track of one fund.

Individuals  should consider making after-tax contributions to their superannuation if they are likely to earn less than $51,021 in the 2016-17 tax year, so as to qualify for the superannuation co-contribution, if their circumstances permit.The government will match after-tax contributions 50 cents for each dollar contributed up to a maximum of $500 for an individual earning up to $36,021. The maximum will then gradually decrease for every dollar of total income over $36,021, and to nil at $51,021.

If an individual is self-employed they will be able to claim contributions to a complying superannuation fund as fully tax deductible up to the age of 75 in the 2016-17 tax year. However, such contributions will only be deductible if less than 10 per cent of their total assessable income, reportable fringe benefits or reportable employer superannuation contributions is attributable to their status as an employee. Therefore, a deduction cannot increase or create a tax loss that will be carried forward. Employers can also claim these deductions for superannuation contributions made on behalf of their employees.

In the last 12 months significant changes have been made to superannuation and require extra care. You may wish to consider making the maximum allowed concessional contribution before the newly decreased concessional contribution cap of $25,000 per annum commences from 1 July 2017.

Individuals deriving taxable income over $180,000 will see a decrease in the effective highest marginal tax rate from 49 per cent in the 2016-17 year to 47 per cent in 2017-18, given the removal of the two per cent temporary budget repair levy.

Tax offsets directly limit tax payable and can amount to a sizeable end number. Your income, family circumstances and conditions for particular offsets, are generally factors that influence your eligibility.

The government announced that Australia's foreign resident capital gains tax regime will be extended to deny foreign and temporary tax residents access to the main residence exemption, effective from 9 May 2017. Any properties held prior to this date will be exempt until 30 June 2019.