The months seem to fly past in a blink of an eye with another new financial year on the horizon again – it’s almost another financial year gone!  

Almost every year we see dramatic changes to our superannuation system, interest rates, the stock market and the property market.

All of this emphasises the need for regular reviews of your financial strategy and your investment portfolio. A full review should take place on an annual basis and cover such topics as:

• Have your financial objectives changed as a result of changed business, job or family circumstances?
• Are you on course to achieving your objectives in the planned time frame or are adjustments needed?
• Has there been new legislation or taxation changes which you need to factor into your plan?
• How have your investments performed and are they appropriate for current market conditions, or would you benefit from rebalancing your portfolio?
• Are you adequately protected against changing financial and personal risks?

If you’re looking after your own investments, it might be time to ask a professional adviser to take a look at your strategy and portfolio to ensure it’s continuing to meet your changing needs now and into the future.

Call (02) 4926 2300 or email us. 

P;ease contact the team at Leenane Templeton to discuss having a financial review and how we can help you! 

The post When was your last financial review? appeared first on Newcastle Financial Planners & Financial Advisors.

June 30 is fast approaching but there’s still time to consider strategies to help you build your wealth and reduce the amount of tax you pay.

Pay interest in advance

Borrowing to invest may be a tax-effective means of wealth accumulation. This type of strategy lets you purchase property, shares, or any other asset that generates assessable income, by bringing forward next year’s interest cost, and allowing you to claim a tax deduction for those costs this financial year.

Make a concessional contribution to super

If you are self-employed, or earning less than 10 per cent of your income from an employer, you can generally claim a tax deduction for super contributions up to $30,000 (or $35,000 if you were aged 49 or over on 30 June 2014). The Federal Government also pays a 15 per cent low income superannuation contribution of up to $500 on concessional contributions made by individuals with a taxable income of less than $37,000.

Protect your income and save on tax

Income protection insurance not only pays you a monthly benefit of up to 75 per cent if you become unable to work due to illness or injury, but also allows you to pre-pay your premiums and claim a tax deduction. If you pay your premiums in advance, you can claim a tax deduction for next year’s premiums in this financial year.

After July 1, consider the following:

1. Have your financial goals changed?

Your goals can change greatly from year to year. Major life events such as serious illness, the birth of a child, or the death of a parent or spouse can all result in significant changes to your wealth management goals.

2. Prioritise your goals

It’s important to be realistic about how soon you can accomplish your financial objectives. For example, reducing any personal loans is likely to be a short-term goal, setting funds aside for your child’s education could be a medium term goal. Paying off your mortgage and providing for retirement are long-term goals.

3. Be investment savvy

Make sure that your investments support your appetite for risk and your objectives. A tailored analysis will address your individual risk preferences. Regular portfolio reviews with your planner are essential to determine any sell-downs or top-ups that would benefit you.

4. Do you need to change your financial strategy?

Your financial planner has the tools and knowledge to create projections that take into account changes to your goals, risk level, and the timeframes for achieving them. These projections will help you to see where your plans for savings, assets or investment contributions may need updating.

Speak to your financial planner to discuss your end of financial year strategies.
Call (02) 4926 2300 or email us.

Our team of qualified and friendly accountants are ready to help with any questions you may have in relation to your end of financial year preparation.

The post Maximise your opportunities for the end of financial year appeared first on Newcastle Financial Planners & Financial Advisors.