New Financial Year Checklist

A New Year is invariably synonymous with making a list of (often overly ambitious) lifestyle resolutions around eating healthier, exercising more, cutting down on vices and finding a better work-life balance.

Similarly, a New Financial Year provides a trigger for conducting a ‘Financial Health Check’. The good news is that with the support of Partners Wealth Group and your accountant, making and keeping your financial resolutions is a lot easier than cutting out that second glass of red or saying no to a second row of chocolate!

Consider the checklist below to ensure you are in good financial shape as you embark on the New Financial Year.

  • Are your investments still working for you? Look at re-jigging your investment strategy and portfolio.
  • Review your loan arrangements – are you getting a great home loan rate?
  • Should you consolidate or reduce your debt?
  • Do you have an effective budgeting and savings plan?
  • Are you happy with your superannuation plan, and have you consolidated all your superannuation accounts?
  • If you have a self-managed super fund, does your deed need to be updated in light of recent legislative changes?
  • Review your superannuation contributions approach for the coming year
  • Do you have current valid and appropriate superannuation nominations in place that align with your estate plan?
  • Do you have a valid and up-to-date Will which includes testamentary trusts?
  • Have you nominated someone to act on your behalf if you are unable to make decisions by making an enduring power of attorney?
  • Do you run a business and is it in the right structure?
  • Do you have robust governing documentation in place such as a shareholders agreement or an insurance funded buy-sell agreement?
  • Do you have a family trust, and are there succession mechanisms in place for the appointor, principal and trustee roles?
  • Do you have enough insurance in place to cover loss of income, trauma, TPD and death?
  • Should you consider any other asset protection strategies?
  • Most importantly, what are your plans for the NFY to invest in YOU and your financial, professional, physical, and mental health and wellbeing?

If you would like to discuss your plans for the New Financial Year, contact us today. 

This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.