It’s the time to do your regular check-up

I guess you are catching up your routine medical check with your doctor to track your health status, what about your financial health?  Spending some time at least once a year reviewing your financials also brings long-term benefits to your overall wellbeing.  Here is an EOFY checklist

Superannuation

• Your salary sacrifice arrangements in place
• If you have made personal deductible contribution make sure the total concessional contribution is not over $25,000
• Are you or your spouse qualified for government super co-contribution?
• Would you like to make super contribution for your spouse?
• Can you take advantage the transition into retirement strategy?
• Do you have more than one super accounts?
• How much does your superfund charge you?
• What is your investment option? Does it still suit your needs, what are the past returns?

Insurance

• What are the insurance policies you have?
• Are you paying the premium through your after tax dollars or through your super?
• How much cover do you have?
• Have your situations changed since your last review? for example, your family situation, your debt level, your income, health and lifestyle (i.e. quit smoking, no longer work in a high risk occupation, health improvements)
• Who is your beneficiary?
• Do you have a Will and Power of Attorney?

Investment

For property

• How much is the rent? Is there any room to push the rent higher by providing some extra service or doing small renovations?
• What is your loan structure? How much interest are you paying? Are there any better options on the market?
• If the property is currently negative geared, how much tax deduction will you get? Remember tax benefit should never become the purpose of investing.
• Will you consider interest pay in advance strategy?

For share and managed funds

• How much are the fees you have paid?
• What is the return in last 12 month?
• What are tax implications for your investment?
• Is the investment performance so far meeting your expectation?