Top tips to plan for end of financial year
As June 30 approaches, you might start thinking about buying a new car, or making the most of the end of financial year sales. But this might also be a time for you to tackle some important tasks like organising your finances.
If you’re going through your finances during tax time, the new financial year is a great time to reset your money goals and set yourself up for a successful year.
If you do receive a refund on your tax this year, stop and have a think about your upcoming expenses. Do you need to spend it or should you put it away for some of your bigger bills throughout the year? Consider paying off debt on a personal loan or home loan if you come into “extra money” from your return – it could help you cut down on the interest you pay for the coming financial year.
In any case, tax time is a great time to tidy up your accounts, consolidate any debts and set yourself up for the new financial year.
Products and tools for tax time
- Use this ATO calculator to help you calculate the tax you owe on your taxable income for the full income year.