We all know the advantages of getting your tax affairs in order. Implementing good record keeping systems can help streamline your tax return process. If you have yet to do this, why not start now and take the stress out of the next tax year?
If you’ve done your tax and expect a refund, think about how you can use the funds to boost your financial future. You could ask your financial advice specialist about the pros and cons of using it to repay debt, invest in shares or managed funds, or make a contribution to superannuation.
Of course, you may prefer to splash out on a much needed holiday, home renovation, new whitegoods or new car. The decision ultimately comes down to what’s important to you.
Why not think beyond your tax return and put plans in place to achieve goals such as moving house, going on the trip of a lifetime, or starting the business venture you’ve always dreamed about?
Preparing for change
There are usually some legal, tax, social security and superannuation changes that come into effect on 1 July each year, and this year is no exception. Preparing a budget and getting good financial advice at the beginning of a new financial year can help you adjust to these changes and make sure you’re making the most of your income and wealth.
Consider the ‘what ifs’
We often set new health or exercise goals in January, but the start of the financial year can also be a good time to think about the impact ill health and other life events could have on your financial position.
Protect what’s most important to you
Look at your personal insurance – life, terminal illness, total and permanent disability, trauma, income protection and health cover – and your general insurance – home and contents, car, and any other items such as caravans.
Consider if you have the right type and amount of cover to protect you and your family if something unexpected happens? If you aren’t sure, ask an insurance specialist for advice specifically tailored for your situation.
Taking these simple steps now can help you start the new financial year on the right foot.