Get your finances in order this new financial year

July 10, 2014
Carol Pizzey

The beginning of a new financial year is the perfect time to review your current financial situation and introduce changes that can not only help you to improve next year’s tax return, but your overall financial position.  A few handy tips are:


Formalising salary sacrifice super arrangements: Depending on your stage of life and financial position, you may consider salary sacrificed super contributions, a simple way to save on tax and build wealth. It involves having part of your before-tax salary paid into your super rather than taking the money as cash in hand.  These contributions are taxed at 15%, which is likely to be below your marginal tax rate (which could be as high as 46.5%), so more of your money goes towards growing your super. Up to $25,000 annually can be added to super through pre-tax contributions ($35,000 if aged 60-plus). This limit includes your employer’s compulsory contributions.


Examine your asset structure: It is important to review how your assets are structured on a regular basis (at least once a year) to make sure you are achieving a balance of flexibility of use and protection from creditors and excess taxes. If done effectively, asset structuring can provide tax advantages, family tax protection and the longevity of assets.


Use your tax return to your advantage: Every little bit of savings can assist potential house buyers in realising their dream of property ownership. Those looking to purchase property could consider contributing their tax refund into a high interest paying savings account to use towards a deposit or they could utilise the tax refund to reduce any existing debt. Having too much debt can make a difference when it comes time to apply for a home loan.


It is important to remember that everyone’s financial situation is different.  We would be happy to discuss your needs in more detail.  For more information contact Michael Wren from Mortgage Choice on 9813 3522 or email


Posted in: Tips

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