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.
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.