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With the end of financial year upon us, so much attention surrounds how to get the most out of your tax, but there is real merit in planning all year round and saving important dollars too. It’s not just about saving at tax time!
Rate Detective CEO, Damon Rasheed (former economist for the ACCC) has some great tips on how to start the new financial year smarter, healthier and with peace of mind. Remove the stress of 30 June by using Damon’s advice to ensure your finances are in shape.
1. Benefit from salary sacrifice
There are great benefits to be had for many people at all income levels in this type of agreement. A lot of items that can be effectively salary sacrificed include; laptop computers, PDA’s and electronic diaries, interest on a rental property, seminars and courses related to your employment, car operating expenses and so on.
2. Sometimes, bad things happen
Expect the unexpected, no one is invincible. Look into income protection and ensure you are covered for when the hard times hit. You will have peace of mind knowing that you will be able to keep on keeping on in the bad times.
3. Consult an expert
Speak with an expert during tax time rather than preparing your own return. You WILL miss opportunities to claim deductions as there will be things you have not thought of and would not have claimed if not for their advice. Also, keep in mind that not all accountants are tax agents so choose wisely!
4. Consolidate your super
Countless clients come to us with multiple super funds. What they often don’t know is that each super fund is charging default management and insurance fees that are eroding their super balance. There is approximately 18 billion in lost super in Australia. You can find your lost super here.