7 Financial Checks to Make Before June 30

With June 30 just around the corner, it’s time to buckle up and give your financials a good once-over. Both individuals and small business owners should be assessing their financial situation. By taking a proactive approach and being aware of the available tax-saving strategies, you can ensure that you’re making the most of your financial resources.

To help you out, here are seven things you need to check before the end of June.

So, grab a cup of coffee, sit back, and let’s dive in!

1. Review Your Deductions:

One of the first things you should do is review your deductions. You want to claim all the eligible deductions you’re entitled to. This includes expenses related to your occupation, self-education, charitable donations, and investment properties. Keep all relevant receipts and records organized to substantiate your claims. (and please don’t keep them in a shoebox LOL)

2. Superannuation Contributions

Paying superannuation is an opportunity to reduce your tax liability while saving for your retirement. If you are able to, then make additional contributions to your super fund before the end of the financial year as they may be tax-deductible and can help boost your retirement savings while lowering your taxable income.

3. Capital Gains and Losses

If you have an investment portfolio, review these investments to see if you have made a gain or a loss. If you have made a capital gain, consider selling investments that are showing a loss to offset those gains. This strategy, known as tax-loss harvesting, can help reduce your overall capital gains tax liability.

4. Prepay Expenses

If you run a small business, consider prepaying expenses such as rent, insurance premiums, or subscriptions before the end of the financial year. By bringing forward these expenses, you can claim an immediate tax deduction and reduce your taxable income for the current financial year.

5. Small Business Tax Concessions

There are various Small Business tax concessions and incentives available from the government. These include immediate asset write-offs, simplified depreciation rules, and small business capital gains tax concessions. By taking advantage of these you can optimize your tax position.

• Maximize your charitable donations

 Donating to registered charities not only supports worthy causes but can also help reduce your taxable income. If you have some causes or charities that are close to your heart, then this is a good time to donate to them and also claim a deduction.

7. Talk to your Accountant

Your accountant can give you a fairly accurate indication of your current position so a quick chat might help to minimise your tax.

Before bidding farewell to another EOFY, take some time to review where you are at BEFORE it is too late and 30^th June rolls past (again). Remember, taking control of your finances is an ongoing process, and regular assessments like these can help you stay proactive and make informed decisions. Your future self will thank you!

Stay financially savvy!