As the end of the financial year approaches in Australia, it’s a good time to take stock of your personal finances and think about actions you could take to improve your financial position. We’ve outlined a few things you should consider.
Review your superannuation contributions
If you’re looking to boost your superannuation savings, now is the time to make additional contributions. If you make extra contributions – such as salary sacrificing or a personal deductible contribution – before June 30, you may be eligible to take advantage of the tax benefits available, .
Check your tax deductions
It’s important to find out whether you are claiming all the tax deductions you are entitled to before June 30. This may include deductions for work-related expenses, investment expenses, and any charitable donations you made that are $2 or more.
Review your investment portfolio
Take a close look at your investment portfolio and consider whether you might need to make any adjustments before June 30. This may include selling any underperforming investments or rebalancing your portfolio to ensure you’re comfortable with your asset allocation.
Review your income and expenses
Check your income and expenses over the past year and consider whether you need to modify your spending in any way to improve your savings or financial goals. This could include reducing unnecessary expenses or finding ways to increase your income.
Plan for the year ahead
Use this time as an opportunity to set financial goals for the year ahead. This may include creating a savings plan, setting investment targets, or seeking out financial advice to help you achieve your goals.
In conclusion, the end of the financial year is a great time to review your personal finances and make any necessary adjustments. By reviewing your superannuation contributions, tax deductions, investment portfolio, income and expenses, and setting financial goals for the year ahead, you can ensure you’re on track to achieve your financial objectives. Don’t hesitate to seek out professional financial advice if you need help with any of these areas.