GET YOUR NEW FINANCIAL YEAR GAME ON NOW
Here is a list of five things to do to get new financial year ready.
1. Check in on your goals
There’s no point doing anything until you know what you’re doing it for.
Write down your goals for the next financial year (and beyond) to make sure your plans can help you get there.
Your goals might be things like a holiday, renovation or paying down your debt.
And, if you already have goals you’re working towards, now’s a great time to check if you’re still on track.
2. Get across the changes in super laws
There have been a number of changes to superannuation laws recently, that will impact many Australians. Some of the key ones include:
■ Eligible first home buyers are now able to save for a home deposit using their super.
■ Personal super contributions can now be claimed as a tax deduction by most people.
■ The spouse super contribution tax offset thresholds have increased, meaning more people are now eligible to a tax offset of up to $540 for contributions into a spouse’s super account.
From 1 July 2018, any unused amount of before-tax contributions limits can be carried over to the following year.
3. Give your budget some love
A budget needs to change as your life does.
Take some time to check your budget against your bank statements and see whether they’re in sync.
It’s also a good time to check if you can get a better deal on things you pay for regularly like your internet, phone and utilities.
4. Check your will reflects your wishes
Make sure your will still reflects your life and wishes. It’s also worth seeing that your money’s properly protected and invested according to your circumstances and goals.
Separate to this are whether your super fund beneficiaries are up to date. If you die, the death benefit and/or balance in your super fund are usually paid to the people you’ve nominated (beneficiaries). If you don’t nominate anyone, or you haven’t updated them to match your current wishes, the money may not go where you want it to.
5. Review your insurance
It’s important to have enough insurance in place, so all you’ve saved and worked for in life is protected. It could also mean you won’t be a financial burden to your family if something goes wrong.