New Financial Year - The time for getting your finances in order
We all know the old saying - ‘there are two certainties in life, death and taxes.’
The new financial year comes around every 12 months and we can’t stop it, it’s coming regardless of whether we’re ready.
Tax time pushes us to address the looming issues around our finances.
If you’ve been ignoring them - now is the time to confront them.
If you don’t have any issues - congrats! Your tax return will be a breeze!
Here are some ways you can get your finances in order this July.
Get your ‘docs’ on a row
Whether you go through an accountant or do it yourself - you will need the following documents:
- Payment summaries
- Bank statements
- Shares and managed fund statements
- Investment statements
- Any foreign income statements
- Private health insurance policy statement
If you’re unsure of what bank statements you’ll need, go into your local branch and someone can assist you with this process.
Put simply - deductions reduce your taxable income, which means you pay less tax.
To claim a deduction for work-related expenses, you need to have spent the money on yourself and not been reimbursed - and it needs to be directly related to earning your income.
You also need to ensure you have a record to prove you paid for it.
So, it literally pays to do your research about what you can claim as a deduction (and what you can’t - there are rules!)
Look at the big picture
Seeing as you’re doing all this work, and gathering everything you need to see how much you’ve earned for the year, why not use the opportunity to really take a look at your finances.
If you earn a higher income and are not putting much of it away - have a look at where it’s going, and how much you might be able to afford to save.
If you’re lucky enough to have income you can put aside, an Investment Savings Account from CWCU could really benefit you.
It has a higher interest rate, and is a great place to keep the money you’re saving for things like your first home or a major renovation.
Apply today and watch your savings grow!
Each of our branches have dedicated and trained loan staff ready to help with your lending requirements.
A personal loan is a quick way to access cash for a particular purpose. They are generally a more flexible option and have a lower interest rate than a credit card.
Apply quickly and easily online and we can go from there!