Tax time is upon us once more and as our thoughts turn to getting our paperwork in order, it makes a lot of sense to review some of your other financial affairs for the year ahead too. Here’s a quick checklist to get you started.
Refresh your goals
Goals are what drives any financial plan, so it is important to review them annually. Consider short term goals, such as holidays, as well as longer term aspirations, such as retirement. Make them as specific as possible to stimulate action.
Your financial blueprint
The success of any venture requires a plan and your financial wellbeing is no exception. Speak to your adviser if you feel there are gaps in your planning or circumstances change. Planning is the real “secret” to wealth creation and financial security.
Get a grip on credit
Loans and credit cards can undermine your plans and your motivation, so make this coming financial year the one where you take back the initiative. It can’t always be fixed overnight and there is no need to set unrealistic targets, but big inroads can be made if you get organised, target debts with higher interest first, consolidate where possible and follow a deliberate monthly strategy to get back in control.
Are you maximising your super opportunities? The self-employed should be looking to maximise tax deductions before 30 June and employees should consider the tax benefits of salary sacrificing into super if not already doing so.
Personal insurance tax savings
Your life, disability and income protection insurance plans may hold tax opportunities too, such as pre-paying annual premiums on income protection before June 30 or moving some insurances into your super.
Plan for your tax refund
It’s easy to look at your tax refund as a chance to spoil yourself, but why not plan ahead now to direct it toward your financial goals instead?
Use tax time as a catalyst for improving your financial health and talk to your adviser about how they can help.