A new financial year begins in six weeks. Are you prepared? There are a few things you can do to ensure you’re ready for July 1.
Our Home Loan Connexion brokers have compiled this checklist for a smooth entry into the new financial year:
- Get your paperwork in order: This is very important and, no, having receipts in a shoebox doesn’t count. Give yourself enough time to locate the documents you will need to
- See your accountant: It’s wise to book in to see your accountant well before June 30. There may be things that need to be addressed before the financial year ends. Once July 1 begins, you lose that chance.
- Reconcile your bank accounts: identify customers who owe you funds while making a note to pay suppliers. Also double check on the entry of all creditors’ invoices.
- Take advantage of deductions, write-offs and rebates: This is particularly important for owners of investment properties. There are options that may be open to you that must be actioned before July 1.
- Review your insurances: Are your policies still working well? Is there a better option for you? And are there some things you never got around to insuring?
- Renew payments in advance: This can be as simple as switching from a monthly to an annual subscription. Are there payments that you can bring forward to assist you?
- Superannuation: Any contributions made before June 30 will play a role in your next tax return. Consider whether superannuation is a factor in your planning.
- Equipment upgrades: Do you have equipment purchases looming in the next 12 months? The perfect time to buy may be prior to June 30.
- Schedule goals for the new financial year: Have a clear plan about where you want to be financially over the next 12 months. They can be a mixture of small and large goals, but they’re all important. They help with planning.
- Relax: Yes, it may all sound confronting but planning and seeking advice makes it easy to manage. Home Loan Connexion brokers are happy to help at any time.