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
- 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?
- 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?
- 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?