EOFY: It’s Time to Assess Your Financial Goals

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Assess Your Financial Goals

The fiscal calendar drawing to a close serves as a reminder to assess your investments and financial goals. It is the time to take stock of your finances and make last-minute investment decisions ensure you achieve your financial goals.

As EOFY approaches, it’s essential to be prepared before it gets too late. EOFY is an ideal time to evaluate your investments and financial goals. Rather than getting caught off guard, it’s better to work towards preparing for the new fiscal year. Here are some realistic tips for EOFY:

1. Getting Organised is the Key

Paperwork can sometimes get complicated, so it is tempting to put it in the backseat. But ostrich-approach doesn’t make the time tax go away. Therefore, before getting neck-deep into the receipts and invoices, it’s important to dedicate an entire day to EOFY and get organised. If you are a business owner, you must start gathering and compiling all your invoices and receipts. You can prepare a ledger using accounting software or a simple excel spreadsheet. This will help you consolidate data such as income and expenses and sort it by category, so you quickly access it in future. Moreover, be extremely meticulous when collating business expenses, including phone charges and travel expenses.

If you are a salaried employee, it’s critical to get a complete tax return. Ensure you have collected receipts for allowed deductions such as travel, phone or work clothes expenditure.

2. Regular Contribution To Your Super

The EOFY is the best time to reconsider your superannuation. With superannuation, you are not only creating a substantial retirement fund but also reducing the taxable income. Contact your financial advisor to know more about super funds and tax management contributions.

3. Making a New Purchase for Effective Tax Management

If you are looking for an opportunity to make a new purchase – a new vehicle, office or home – EOFY is the best time to do so. Self-employed people who have business-related expenses are eligible for a $20,000 asset write-off. You can contact your tax advisor to understand ways to get the most out of your business purchases and how you can manage your annual tax.

If you have queries about EOFY and tax management, contact SMART Financial Advisory.

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