Goal setting for the new financial year

  The beginning of a new financial year is upon us and as we mentioned in our last post – we’re big fans of forward planning. Outlining a clear plan and goal setting makes it easier for you to both focus and measure your efforts throughout the year. Best of all – it sets you up for the next end of financial year. Setting a goal will give you have a clear picture of what you would like to accomplish this year and make it easier to plan the steps to make this a reality. Goal setting tips for the new financial year:    Set up an income calculator. First of all, determine exactly how much income you have coming in from all sources.  Set your goals. Determine what your long and short term goals are. Do this by picturing yourself in a year’s time – are you debt free, in your new house or on that family holiday? Now figure out exactly how much you will need to save to make this a reality. Start a budget. It might not be the most fun way to spend your Sunday afternoon, but it is the best way to understand your financial strengths and weaknesses. Record your spending habits for a week and take stock of where you are spending your money. Now create a new budget, keeping in mind what you could be getting cheaper and things you could cut out altogether – like that morning latte. (Tip: save time by using a track spending app like: TrackMyGoals or TrackMySpend). Organisation tips for the new financial year: Get organised....

End of Financial Year tax tips

A little forward planning now will help you with the coming End of Financial Year.  The 2016 – 2017 tax year is coming to a close on 30th June, which means it’s almost time to fill in tax returns and review finances for the year that was. The best advice for any EOFY is to get ahead of the game by planning your approach. This gives you time for preparation, to gather documents and avoid a Failure to Lodge (FTL) penalty. Below are some basic tips for individuals: Do you need to lodge tax return? If you’re not sure, check with this tool on the ATO’s website Leaving the country? If you’re an Australian resident for tax purposes and are leaving the country, you can lodge your tax return early The tax free threshold: in Australia is now $18,200. Take a look into the individual income tax rates here Claiming expenses: find out what expenses you can claim; keeping in mind that for expenses over $300 you will need proof of purchase Tax deductible expenses: consider making tax deductible expenses, such as giving to charity Salary sacrifice: to lower your taxable income rate, consider salary sacrificing into your superannuation You can choose to either lodge your tax return yourself, or seek a professional to help you. They know the system and are particularly advisable for complicated tax situations. To lodge your tax return yourself online you can use the myTax (for this you will need a myGov account). You can also lodge a paper return, although it will take longer to receive a refund. Below are some basic tips for people who...