Final check before 30 June

The end of the financial year is upon us. While many of us might be focusing on tax matters.  June offers a good opportunity to review your total financial picture. Check these six simple steps and you could make a valuable difference ahead of 30 June.

1. Check your progress towards personal goals

As the midway point of the year, June is the ideal time to revisit the goals you set at the beginning of 2017. It's always rewarding to see you're on track with your plans, but if your progress has been affected by something like a major life change, it could be worth fine-tuning your goals so they're more appropriate to your new circumstances. 

2. Review your super opportunities

It's your last chance to take advantage of higher contribution limits before tighter caps apply from 1 July. Find out more here, and speak to your adviser asap if you think it's an opportunity for you. 

3. Cast an eye over investments

Your portfolio may be chugging along nicely, but check if there are any long-term underperformers among your investments that you could look at selling especially if you’ve racked up capital gains on assets you’ve sold over the past 12 months.

Consider your asset allocation too. If you own a rental property for instance, rising property values could mean it now accounts for a far larger proportion of your portfolio than you’re comfortable with. A potential solution is to focus on steadily growing the shares component of your portfolio and take advantage of dollar cost averaging. Discuss these ideas with your adviser first of course.

Time's running out on super changes

Changes to the superannuation rules will come into effect on 1 July 2017.

While the government will reduce the amount of money you can put into super from 1 July this year, the good news is that you could still take advantage of opportunities before the financial year ends.

Find out more

4. Review your personal protection

Now is also the time to review your life insurance to see if it’s still enough for your needs. If you’ve purchased a new home and taken out a bigger mortgage for instance, your life cover may also need an uptick.

It can be worth prepaying the premiums on your income protection insurance for the following 12 months before 30 June. These premiums can be claimed on tax, and bringing forward next year’s premium can be helpful if your income for the current financial year is likely to be higher than for 2017/18.

5. Revisit estate plans

A lot can happen in the space of a year, and it’s important that your estate plans still reflect your current wishes and circumstances. The birth of a child, separation and divorce, and even a change in your personal asset holdings should all trigger a review of your will.

6. Plan charitable giving

If you’re keen to make an impact in your community, it can be worth having a think about how giving fits into your life ahead of 30 June. Charitable donations are typically tax deductible but if you want your giving to have real impact there are a number of strategies available including setting up a private ancillary fund. This is a type of charitable trust that lets you fulfil your goals for giving and form deeper relationships with the organisations you support.

The key is to speak with your adviser to decide what needs to be done before 30 June to improve your financial wellbeing today – and throughout the financial year ahead.

Important information

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Although this information is from sources considered reliable, we do not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.