Welcome to the New Financial Year – who’d have thought we’d get this far?
From financial uncertainty to slashed interest rates, government stimulus packages to mortgage freezes – the 2019/2020 financial year has been quite unlike those before it.
Now that we’re smack bang in the middle of one strange year – how can we save money, preferably in more ways than one?
Read more from your Gold Coast Accountant, Crest Accountants to find out.
Save money on your tax return
If you consider filing a tax return a financial chore at the start of every financial year, it’s time to switch your thinking. Rather than a quick form fill-out and submission, take your time to ensure you maximise your tax return and minimise the potential costs you owe.
Working from home because of COVID-19 has seen millions of Australians complete their tax returns like never before.
If you currently are, or were working from home, you have the potential to claim for:
- Internet and phone usage,
- Office set-ups (desk, chair, laptop purchases etc), and
- Even stationery!
This is a bonus, on top of other normal deduction entitlements like:
- Uniform laundering,
- Work travel expenses, and
- Tax deductible donations.
Not sure what counts as a concession, obligation or deduction? Your Gold Coast Accountant can streamline your tax return to maximise your tax refund.
Switch to a better deal
Energy bills to insurance costs, internet plans to home loans – now is the time for decisive action to save some money.
If a service provider isn’t pulling its weight and giving you value for money – don’t be scared to ditch and switch to a better deal.
Just because you’ve been with the same insurance company from the get-go or trusted in your internet provider since dial-up was still a thing, it doesn’t mean you have to stay with them.
As a Gold Coast Accountant, we encourage:
- Evaluating your current and future financial needs,
- Researching the market to see what offers are out there, and
- Contacting Crest Accountants for more ways to save and invest your money.
Making the move now to switch to a better deal in your daily living expenses may potentially save you thousands come next financial year.
Review your financial goals with a Gold Coast Accountant
Having to cancel or rethink your European winter wonderland holiday may bring on those winter blues, but it doesn’t have to.
If there’s anything this year has taught us, it’s how incredibly fortunate we are to have a roof over our head and a place to call home. It’s taught us to be grateful and we should be grateful for just that.
We’ve seen postponed international holiday trips, we’ve seen retirement nest eggs boosted.
We’ve seen gap years halted, we’ve seen many young people saving their pay checks.
While COVID-19 has shaken up international economies and financial confidence, individual and family savings goals have undeniably increased in importance.
At the start of the new financial year, consult with your Gold Coast Accountant to re-evaluate, review and re-ignite your financial goals and financial priorities.
A Crest Accountants, we can:
- Assist with maximising your tax return,
- Help you protect your assets, and
- Motivate you to achieve savings goals.
Need help with financial accounting?
Contact Crest Accountants today to step into the new financial year with the best financial footing.