Start the financial year off right

How to get into the right groove so that the 2018 financial year is a good one.

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July marked the beginning of a new financial year, which means it’s a time for tax, statements, and a whole lot of possible savings.

With that in mind, here’s how to start the financial year off right.

Tax return 

For the busy working women of Australia who don’t have the time or perhaps the money right now to sit down with an accountant, you can lodge your tax return for free online via the Australian Taxation Office’s (ATO) myTax application.

Never fear, it’s a lot easier and quicker than the old e-tax program.

Naturally, use your common sense when it comes to doing tax online.

Already in 2017 so far, the ATO has registered over 17,000 reports of tax scams, with victims losing a total of $1.5 million to scammers.

The main scams to look out for are emails, phone calls, or an SMS from “the ATO” asking for your bank account or other personal details.

Paying off any EOFY splurge

If you splurged on an end of financial year sale using a credit card, then make it a priority to pay off your debt immediately.

If you’re struggling to pay it off in full right away, it might be time to switch to a credit card with a lower interest rate or even a balance transfer deal.

Those with a rewards credit card will have to weigh up the value of points earned against the higher interest rate that typically comes with a rewards card.

A low rate card may be a more manageable option until your debts are gone.

Superannuation statements

Many people forget they have a super account until the annual statement comes in the mail, but this is a good opportunity to check the following:

  • Personal details are up-to-date
  • Nominated beneficiaries are correct
  • Tax File Number (TFN) is recorded
  • Super contributions are correct
  • Investment asset class choices are appropriate for your life stage and risk profile
  • How much you’ve paid in fees and if switching to a fund with lower fees may be beneficial
  • Insurance within super is still adequate
  • Super is consolidated into one fund to ensure you’re not paying fees on multiple funds
  • Overall, still satisfied with your super fund

Now that you’ve sorted out your tax return, avoided scams, reviewed your strategy to pay off your credit card, and double checked your super statement, you’re going to be off to a good start this financial year and I hope it’s your best one yet!

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