As we approach the new financial year (FY24-25) on July 1st, it’s prudent to reflect on your investment portfolio and financial goals and see if they are still current to the changing landscape of FY24 – 25 and that they are still effective in what you are trying to achieve:
1. Factor in potential tax changes.
The Federal Budget in May 2024 may have introduced new tax measures that will take effect on July 1st. These measures could positively and negatively impact your tax obligation and thus require changes and pivots in your investment decisions to accommodate the changes.
Staying informed about potential tax changes and their implications for your portfolio is crucial. Consider consulting your financial advisor to understand how these changes affect your tax obligations.
2. Evaluate your superannuation strategy.
Superannuation remains a cornerstone of long-term wealth creation for many Australians, particularly considering the benefits from higher contribution caps from July 1st and using stage 3 tax cut savings to boost super from July 1st.
Reviewing your superannuation contribution levels and investment options with your financial advisor can ensure you’re on track for your retirement goals.
3. Tax Planning Considerations
With the end of the financial year approaching, now is the ideal time to review your tax position and explore opportunities to optimise your tax obligations. Furthermore, getting ready for your tax return can provide a cash injection for you and/or your business. Things to consider include, but are not limited to, how to maximise gifting thresholds, manage CGT on asset sales, pre-pay deductible expenses and defer retirement/redundancy to the new financial year.
Consulting with your financial advisor and tax accountant can help you leverage legitimate and effective tax minimisation strategies to optimise your tax obligation and potentially obtain a cash injection to boost your investments.
4. Review your asset allocation
A well-diversified portfolio spread across asset classes, such as Australian equities, international shares, fixed income, and property, can help mitigate risk or increase potential return, depending on the mix. However, this is a complex landscape, and an effective and balanced portfolio diversification and asset allocation strategy requires both specialist knowledge and dedicated time to plan, implement and execute.
Consulting or exploring engaging a financial advisor is crucial to successful wealth generation through asset investments.
5. Schedule a review with your financial advisor.
A personalised approach is critical to effective wealth management.
An experienced advisor will consider your current asset allocation and create the optimal strategy that aligns with your financial goal, risk tolerance and investment timeframe.
To request a free, no-obligation 15-minute online discovery call with one of our financial advisors and see how they can help maximise your wealth-building strategy, please visit:
Alternatively, you can email info@thehopkinsgroup.com.au or call 1300 726 082 to request a callback from one of our financial advisors.
