• Set some yearly goals – while the new financial year is still young it is a good idea to sit down and plan out how your money will be used throughout the year. It’s also important to decide what to do with your tax refund before it lands in your bank account – set aside portions of money to debts such as your mortgage and credit cards, bills food and financial goals you may have.
• Keep track of all deductions – be sure to keep records (receipts, invoices) of any purchases you plan to make tax deductable throughout the year. A good way to do this is using a low rate & fee credit card to pay for possible deductions so all of your records are in the one statement.
• Pay off your credit card monthly – this may seem like common sense, but most Australians have around $3,000 of credit card debt. This can quickly snowball with high-interest cards, so if at all possible pay off your total balance each month to stay out of debt and on the road to achieving your financial goals.
• Keep tabs on your superannuation – reading your super statements when they arrive may seem like a tedious chore, but it is important to remember that the amount of money in your super account will greatly affect your retirement. Check websites like Super Ratings to ensure that your fund is giving you the best possible return on investment.
• Get your Fringe Benefit Tax in order – Fringe benefits tax (FBT) is paid on certain benefits employers provide to their employees or their employees' associates in place of salary or wages. Organising FBT can be a frustrating process with lots of paperwork involved. Whether you are a fleet manager or a Novated Lease driver, you can utilise an FBT management service such as the one Fleetcare provides, to gather FBT data and provide end of year reports.
Do you have any other tips for achieving your monetary goals this Financial New Year? Let us know on our Twitter page.