With the Foxtel EOFY’s ads in full swing again we must be getting close to end of financial year which is the time to get things in place to manage your wealth before 30 June comes and goes.
My top 5 tips for end of financial year this year are:
1. Check your capital gains / loss position – it may be a good time to wash out some capital gains or losses before the end of the tax year.
2. Boost any income deductions on your investments – talk to you finance providers and if you know you are paying more tax this year than next consider prepayment of interest on your investment loans. This could also lock in some protection from a future rate rise this next 12 months.
3. Review your Income Protection Insurance – If you had a machine that provided you a regular income stream would you take out insurance on that machine? Most likely yes.. But if you are like most Australian’s you are probably under insured. Getting in a reviewing this now could give you a tax deduction before the end of financial year as well!
4. Get your receipts in order – It may be a good time to review your past expenses for the year, including medical expenses for any tax offsets you may be eligible for. Although I am not an accountant, my accountant has me well trained to have all my receipts in order for the business and for me personally so i can maximise my deductions. If you haven’t got them in order start now, or get yourself setup for next financial year. Most phones have a camera these days so it could be as good way to track expenses and receipts!
5. Laptop – if you have been saving to upgrade your home office computer or laptop (the one you use to track your investments and do you tax) you could buy a new one before the end of financial year to boost your deductions in the current year and talk to your accountant about depreciation.
Happy end of financial year and if you need assistance contact our office.