It's not just about saving at tax time...

Hard to believe it's already that time of year again - tax time! With the new financial year just around the corner, there is understandably much attention on getting the most out of your tax. We wanted to remind you that it's not just about saving at tax time though; there are a number of sure-fire ways to save those all-important dollars all year round too. 

Start the new financial year smarter, healthier and with peace of mind with these simple tips: 

  • As a start, get advice from an expert during tax time - don't prepare your own tax return. You WILL miss opportunities to claim deductions as there will be things you have not thought of and would not have claimed if not for their advice. Also, keep in mind that not ALL accountants are tax agents so choose wisely!
     
  • Try to salary sacrifice some of your salary into tax free benefits. There are great benefits to be had for many people at all income levels in this type of agreement. A lot of items that can be effectively salary sacrificed include; laptop computers, PDA's and electronic diaries, interest on a rental property, seminars and courses related to your employment, car operating expenses and so on.
     
  • Expect the unexpected, no one is invincible. Look into income protection and ensure you are covered for when hard times hit. You will have peace of mind knowing that you will be able to keep on keeping on with your life. Because sometimes, bad things just happen.
     
  • Consolidate your super. Countless clients come to Rate Detective with multiple super funds. What they often don't know is that each super fund is charging default management and insurance fees that are eroding their super balance!
     
  • The information in this communication is provided for information purposes and is of a general nature only. It is not intended to be and does not constitute financial advice or any other advice. Further, the information is not based on your personal objectives, financial situation or needs. A person should consider the appropriateness of the content in this article having having regard to their own objectives, financial situation or needs before making a decision about acquiring or purchasing a financial product.
     
  • The Rate Detective website and brand name is operated by Spotter Finance Pty Ltd who are an authorised representatives of MYONLINEADVISERS PTY LTD ABN 85 159 942 828 Australian Financial Services Licensee 427484. Spotter Finance and its advisers are authorised to advise and deal in superannuation and life insurance products only.
Published on July 7-th, 2016 in Superannuation
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.