Not another financial year end health check

As we near the end of the financial year it is a good opportunity to check in with your financial goals.  Unfortunately, all too often we leave it too late, typically when our tax return is due, but pre 30 June is a good opportunity to ask yourself a few questions.

Can you make additional contributions to Super?

  • Did you know that a contribution to Super may reduce your personal tax liability, giving you a bigger refund?
  • Superannuation is a concessionally taxed savings environment. Contributions and earnings are taxed at 15% in accumulation phase and are tax free in retirement.
  • Your employer contributes 9.5% of your income on your behalf, but you have the ability to make concessional contributions to your Super of up to $25,000 per year.
  • In this financial year if you earn over $221,080, your employer will contribute a maximum of $21,003. You might want to consider making an additional Salary Sacrifice contribution or a Personal Deductible contribution.
  • If you are deemed a low income earner (<$52,697) and you make a Non-Concessional (after tax) contribution you will be eligible for a government co-contribution.
  • If you earn <$37,000 you will also be eligible for the Low Income Super Tax Offset (LISTO), you will not need to do anything to receive this, the Government will automatically make the contribution after you submit your tax return.
  • If your spouse earns <$40,000 and you make a contribution to their Super, you will be eligible for a tax offset of up to 18%.
  • If you have less than $500k in Super and your income is increasing, moving you to a higher tax rate, maybe consider holding off until next year and using the new catch-up concessional contribution rule.
  • Generally, if you are still working, you are also able to make additional non-concessional (after tax) contributions of up to $100,000 p.a., or $300,000 using the bring forward rule.
  • ….and lastly do you have any lost Super or do you have multiple super accounts which should be consolidated?

Have you reviewed your mortgage rate?

  • On Tuesday the RBA cut interest rates by 0.25% to a post-war low of 1.25% This rate cut was passed through in full by some, but not all of the major banks.
  • Mortgage rates remain low and with APRA also relaxing lending standards again, there is strong competition for high quality borrowers.

Have you considered using a mortgage broker?

  • It is worth giving your friendly mortgage broker a call to see if they can help you further, more often than not mortgage brokers are able to negotiate rates better than the headline rates published by the banks.
  • Mortgage brokers also have access to a wide range of different lenders outside the major banks which may be more suitable to your situation.

Can you pre-prepare for your tax return?

  • Are there any deductions you might be able to claim?
  • Do you have capital gains / losses on investments, which could be offset?
  • Can you claim the small business instant asset write off of up to $30,000, for eligible businesses with an annual turnover of less than $50 million?  An instant asset write-off allows small businesses to claim immediate deductions for new or second-hand plant and equipment asset purchases such as vehicles, tools and office equipment.
  • Are you using an accountant to prepare and lodge your tax return? They can usually provide great advice to get a better outcome for you.

Are you on top of your spending?

  • Do you have a budget?
  • Do you know where you are spending your money?
  • The beginning of the financial year is a great time to review your budget and fine tune your spending. Understanding what we spend each month on both discretionary and non-discretionary expenditure helps us with future decision making.
  • All too often we spend what we earn, and as our income increases, we continue to spend what we earn!
  • Many helpful tools can be found on the Government’s MoneySmart site.

Ocean Advice is offering a free SIX month trial of our cash flow and budgeting software, discover more at

Do you have a financial action plan?

  • Do you have financial goals like saving for a new home, your child’s education, a holiday, or early retirement?
  • Achieving financial security requires time and effort, seldom will luck alone get you there.
  • Whether you are currently using a financial adviser, starting your advice journey or simply want to review your current situation, having an action plan is critical to prepare for the years ahead.

Want to discuss further? At Ocean Advice, we offer you a complimentary review of your financial situation, select a suitable time by clicking the button below.


GENERAL ADVICE WARNING | The information provided in this article is for general information purposes only. It is not intended to be, nor should it be read as personal financial advice. Before acting on any of the information contained in this article you should obtain advice from a specialist advisor, which is appropriate to your specific needs, objectives and financial situation.

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