The financial year has just ended. Many people see this as simply a time that they must place their tax return and receive either a bill or a refund from the Australian Tax Office (ATO). But the end of the financial year can be a really good to time to review your personal financial situation. So what are some of the things you should be doing to prepare for the end of financial year?
- Get organised: you should gather all of the documents you will need to prepare your tax return. Hopefully, you have been keeping all of your tax documents stored together but if not, get a jump on things and start to collate the information you will need.
- Before the financial year closes off, you should be aware of your income and that of your partners. You should then get in touch with your financial planner. It may be beneficial from a tax perspective to make a contribution to either yours or your partner’s superannuation but it must be done before the financial year ends on June 30.
- Create a budget: now you know what your earnings have been over the financial year, now can be a good time to create a new budget.
- Review all of your borrowings. Many people often borrow against what they think their earnings might be. Now that you know your income, you should book an appointment with one of our mortgage brokers to review your current borrowings against your income.
I highly recommend that people use experts to assist them with managing their finances. It is wise to know:
- A good accountant
- A good financial planner
- An excellent mortgage broker.
At FinanceCorp, we are closely aligned with people in these industries. We have selected them as we believe they are the best in their field and that they will offer fantastic service to our clients.
If you want to get started on your end of financial year planning, take the first step and call us on 9417 5550.