EOFY financial housekeeping

It’s time to dust off those filing cabinets and get ready for tax-time!

Here are some key considerations to make as we enter the end of the financial year.

Records, receipts and invoices

As we enter the end of the financial year, it’s important to make sure your records are in order to make submitting your tax return a smooth process. It’s also important to review your records to make sure invoices have been paid, receipts are filed and bank accounts are reconciled to make reporting your income and expenses as easy as possible.

Record-keeping should be a year-round priority and is a good habit to make sure you are maximising the return on your taxable income.

Make any purchases that could be tax deductible

If you are in the market for a new car or office equipment, EOFY is a good time to buy, as many retailers offer EOFY sales. If you are self-employed and your expense is business related, you may be eligible for the instant asset write-off.

Give to charity

Consider making donations to your chosen charities during the month of June and you can claim back a tax deduction. Reduce your taxable income and make a difference in the lives of others.

Investment property considerations

If you own an investment property, you may be able to claim on payable interest. You might also be eligible to claim on depreciation and related expenses. Seek the advice of your accountant on whether you are eligible.

Superannuation contributions

The EOFY is a good time to consider boosting your superannuation. Not only are you building your retirement fund, you can also decrease your taxable income if you make a contribution before 30 June. There are limitations on this and before making extra contributions you should consult your accountant or financial advisor.

Andrew unpacks superannuation fundamentals, and how to maximise your super in this video.

Review your budget for the next year

At the end of the financial year it’s a good time to check in with your goals. Did you meet your expectations or are there still some actionable steps you need to take towards your financial goals?

Need some guidance? Watch Andrew’s Q&A on creating SMART goals for financial success here.

Efficient EOFY house-keeping starts at the start of the financial year. Healthy financial habits and money decisions year-round can have a more meaningful impact on your long-term financial security. Reach out to our team for an audit of your financial position and guidance on how to make the most of your money and investments.

If you have any questions, you can contact our team today.