Make a list for EOFY

As the end of the financial year (EOFY) approaches, it’s the perfect time for us all to review our finances and ensure they are in good shape for the year ahead. 

Proper planning can help you maximise your entitlements, reduce your tax liabilities (if any), and ensure your financial security. 

Here’s a checklist to guide you through the process. 

1. Review your superannuation 

• Check your super balance and investment options to ensure they align with your retirement goals. 

• Consider making voluntary contributions to take advantage of tax benefits before 30 June. 

• If you are over 67, ensure you meet the work test requirements for contributions. 

• Review any pension withdrawals to ensure you meet the minimum drawdown requirements. 

2. Maximise tax deductions and offsets 

• Keep receipts for eligible medical expenses, home office costs, and work-related deductions. 

• If you’re still working, check whether you can claim deductions for self-education or professional expenses. 

• Investigate potential tax offsets such as the Senior Australians and Pensioners Tax Offset (SAPTO). 

3. Check eligibility for government benefits 

• Review your eligibility for the Age Pension or Commonwealth Seniors Health Card.

• Ensure your assets and income are correctly reported to Centrelink to avoid overpayments or underpayments. 

• Check for any upcoming changes in benefit rates that may affect your payments.

4. Organise your investments 

• Review your investment portfolio and assess whether it aligns with your risk tolerance and income needs. 

• Consider rebalancing your portfolio to optimise returns and manage risk. 

• Ensure you have declared all investment income, including dividends, and rental income, for tax purposes. 

5. Assess your estate planning needs 

• Ensure your will is up to date and reflects your current wishes.

• Review your enduring power of attorney and any advance care directives. 

• Check your superannuation death benefit nominations to ensure they align with your estate plans. 

6. Plan for the year ahead 

• Set a budget for the new financial year, factoring in expected income and expenses.

• Consider meeting with a registered financial adviser to discuss strategies for tax minimisation and wealth preservation.

• Review insurance policies (health, home, and life) to ensure adequate coverage. 

By following this checklist, you can help ensure you are well-prepared for the EOFY, maximising your financial wellbeing. 

Taking these steps now can provide peace of mind and help you make the next financial year a prosperous one.