You know the normal drill – June 30 comes and goes, you wait for your group certificate then walk down to the accountants office to do your tax return. If your accountant is hands on, they’ll ask if you did this or that – suddenly you remember that article that you read in the paper or online telling you what to do BEFORE the end of financial year – whoops, there go a few more tax dollars.
If you’re in any doubt about what to do with regards to the end of financial year, reach out and do something about it. There are two main professionals that you could see regarding this – accountants and financial planners. So which one should you see? It’s going to depend on what you want to do.
An accountant’s job is to be an expert in tax, business and cash flow ideas. They’re the ones that add up all the details after the fact, so why not ask one before the end of financial year what type of things they will be asking you later.
A financial planner is going to take a different path. If you’re unlucky, they’ll try and sell you a financial product that’s main attribute is giving you a tax deduction but may not actually do anything positive for you because you’ll either have to pay the tax back, or you’ll actually lose money as a result of it. A good financial planner is going to look at all your options on how to save tax, see which one is going to be in line with your long term financial needs and then help you to execute the transaction.
So what types of things is a financial planner going to talk to you about? The list is long, but here are a few tips:
As you can see, there are no fixed to do’s that will be applicable to everyone – and this is the reason why you should pick up the phone and call someone to discuss it. If you’re not sure who to talk to, call Financial Spectrum for a quick chat on 02 8238 0888.