I was speaking with a client recently at a networking event – we were catching up on how fast the last six months had gone and that it felt like just yesterday we were talking about planning for Christmas! We started discussing everything we both had on our to-do list at work before the end of financial year and our chat soon changed to all the tasks required to plan for our personal tax return.
Although it’s important to keep your financial health in check all year round and not just before the end of financial year – there are still some key actions you can take in June to maximise both your tax return and overall financial health.
It’s a little like the quote: “A good system shortens the road to the goal”.
Here are three simple tasks to implement a good system before the end of financial year.
Task 1 – Be tax time ready
Now is the perfect time to be tax time ready even if you haven’t put much thought into it up until this point. Before you visit your accountant, or lodge your return – review your financial habits for the year and assess where deductions might apply.
If you don’t have a systematic process for storage of receipts and deductions – now is the perfect time to create one for next financial year. There is a better solution than an overflowing show box!
Task 2 – Check your insurance policies
Often at tax time, many people start to think about income protection and health insurance – having this organised may not only save you money, but it will also allow you the confidence and security for your family if you have one.
In fact, now is a great time to review all your insurance policies to ensure you are getting value for money. If you set June as your yearly review period – you’ll be able to assess each policy once per year as a personal finance stocktake.
Task 3 – Think about your investments
Purchasing an investment property should be a strategically planned decision.
If you have property investments in your portfolio you should review their performance and possible tax deductions by the end of the financial year.
If you haven’t thought about a long term strategic investment strategy, now is a good time to seek out a financial adviser who can help to assess your situation and work with you to develop a roadmap to help you achieve your goals.
The Australian Tax Office also provides a “Tax Time Checklist” to prepare practical information and an update about what is new this year. Visit: https://www.ato.gov.au/Individuals/Tax-return/2018/Supporting-information/Checklist—tax-return-2018/
I am a Brisbane based financial adviser with clients in Ashgrove, The Gap, Kenmore and Chapel Hill. I help professionals make informed decisions and take back financial control.
I offer a 30-minute financial review session. In this session, I can review your current financial situation. I can see if I can help you achieve your financial goals and the best (and quickest) way to do so. You can contact our office on 07 3102 4948 or book a time that suits you via the link below.
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