As we approach the end of the financial year, it’s a great time to take a quick look at your finances.
The good news? You don’t need hours, just 10 minutes can make a meaningful difference.
Here are five simple checks you can run through before 30 June to make sure you don’t miss any opportunities available to you, and are well positioned for the year ahead.
Check Your Super Contributions
Super remains one of the most tax-effective ways to build long-term wealth.
- Have you used your concessional contribution cap this year?
- Is there an opportunity to make a final contribution before 30 June?
Even a small top-up can improve your tax position and boost your retirement savings over time.
Review Any Capital Gains
If you’ve sold investments this year (shares, property, managed funds), it’s worth checking:
- Have you triggered a capital gain?
- Can you offset it with any strategies such as super contributions, or other losses?
- Do you know what to expect with regard to tax consequences?
A quick review now can help avoid surprises at tax time and identify potential savings.
Review Cash & Debt Position
With interest rates shifting dramatically over the last twelve months, it’s worth asking:
- Are you making the most of your cash position?
- Should you reduce or offset non-deductible debt instead?
Small adjustments here can improve both cash flow and long-term outcomes.
Check Your Private Health Cover Position
The cost of private health cover for most Australians has risen significantly recently, leading to lots reconsidering their cover and, in some instances, opting to self-insure. Before making any big decisions, it’s worth asking:
- Do I still have the right level of cover?
- Do I have reserves in place if something were to happen?
- Could I be exposed to additional tax if I cancel it?
Don’t Forget the Basics
It sounds simple, but often gets missed:
- Ensure any planned donations are made before 30 June.
- Confirm you have accurate records of any deductible insurance premiums or super contributions.
- Discuss with your financial adviser or accountant if there are any opportunities that might be available to you in the coming month.
If you’d like us to run through these items with you, or check if any are applicable to you, feel free to get in touch.
A quick conversation now can make a real difference.
