With the end of the financial year almost here, now’s the time to be thinking about ways you can organise your finances to gain all possible advantages.
Start with the usual suspects – like tracking down all expenses that you can legitimately claim as a tax deduction.
Think about all your work-related motor vehicle, self-education or travel expenses, or memberships and subscriptions that relate to your employment. Or perhaps you’ve made donations to registered charities? Is there an upcoming expense that would ordinarily fall into next year that you can bring forward? Consult your accountant for more help with this if needed.
Maybe your income is not static. Perhaps you plan to travel for a large chunk of next year (lucky you), or your work arrangements will change in some way and you know your income will be down in 2016/17. If that’s the case, you’ll most likely want to claim more tax deductions this year when your income is higher.
Or consider if you are eligible for the government co-contribution to your superannuation. If you earn between $35,454 and $50,454, you may be eligible for a government co-contribution of up to $500. Better in your pocket than the government’s, we say.
This is just a short list and there may well be other entitlements or opportunities available to you prior to the end of the financial year. For more information about what’s relevant to you in your specific circumstances, speak with your financial adviser.
At 5 Financial, we offer a complete and integrated financial advisory service. This means we can assist you with all of your financial planning/wealth management, tax and accounting, finance and estate planning requirements. This means your finances can be more easily co-ordinated, creating a more efficient arrangement, and with less running around required by you.
We’d be more than happy to help you make the most of what’s available to you prior to the end of the financial year.
Contact us to find out more, or to book a free, no-obligation consultation.