It's Tax Time!

July 02, 2013
Donna Sims

Now that the new financial year is with us, many of us will look to preparing for lodgement of our tax returns in the hope that there will be some tax refunds heading our way.  It is also a very good time to review your finances, so here are a few tips that you may wish to consider.

  • Rework your budget or, if you haven’t got one, get one underway. Your budget needs to be regularly reviewed and updated to reflect your financial requirements.
  • Set priorities - work out what you want to achieve for the rest of 2013. Look to paying off any credit card debt or any debt with high interest first.
  • Set Financial Goals - This could include paying off your mortgage, or increasing contributions into your superannuation.  Every extra contribution you make, no matter how small it may be, will be deriving a long term benefit for you.
  • Get a Home Loan Health Check - Just as your circumstances change, so do home loans. When was the last time you reviewed your home loan? Is it still meeting your needs? Is the rate still competitive? Should I consider fixing all or part of my loan? Seek advice and speak to a Home Loan Specialist or your Mortgage Broker.
  • Make a Will - Making or updating a will is often overlooked by many of us. If you haven’t done it over the past 6 months, put it near the top of your priorities list, especially if you have dependents.
  • Review your Insurances - You’ve worked and saved hard over the years to be able to afford your home and the lifestyle that you are accustomed to. So what would happen if you were suddenly taken seriously ill or had an accident and couldn’t achieve the income level that is necessary to pay your commitments? Many of us take out insurances to cover our house and motor vehicles, but very few take out insurances on ourselves.  If you already have existing cover, when was the last time you reviewed it? Insurances change over time as do your needs - so look to get a review of your cover. If you don’t have any cover, now is as good a time as ever to get something in place and some insurance covers are tax deductable! Why run the risk of having to sell your assets simply because you didn’t have any insurance in place to cover for unforseen events.
Posted in: Tips

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