Updated December 2020
I know the end of financial year seems a long time away, but with a little Christmas spirit and madness might spend strategically. Tax deductible donations and business or work consumables especially with sales ramping up.
Times of the year like this, starting and ending points and time to reflect on priorities and the future, are opportunities to tick off some boxes, look at your life now and make a few plans for the future.
Now’s a good time to:
- get some bargains on personal and business needs
- prioritise and record your charitable donations
Financial Year End (FYE):
- crystalise any CGT losses (especially if you’ve made any gains); delay income/hold off on invoicing until July 1
- make superannuation contributions and reduce your taxable income
- consider property investing expenses – home improvements, leasing costs, prepaying interest
These short videos have got some ideas:
- The ATO’s Deductions you can claim
Be careful though, as this time of year also brings out a lot of deals and schemes you should avoid (eg Black box sharetrading software and dubious property investing programmes.). Check out some Guru Cops or earlier posts on scams.
You’ll find lots of special end of year online offers. Check out some of them, the experts and gurus promoting them or others you’ve heard about using BiG’s SEARCH or in:
Wealth – Gurus and Topics and Strategies
Business – Gurus and Topics and Strategies
Property – Gurus and Topics and Strategies
Shares – Gurus and Topics and Strategies
You – Gurus and Topics and Strategies
Analysts and Commentator
You’ll find more EFY ideas in – Tax, Tactics and Trials – the trilogy of things to do before 30 June
Spend just a little time now now and before 30 June checking out some of these and we’re sure you’ll start the next calendar and financial year from a much better financial place. Enjoy.