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A Practical Checklist for End-of-Year Financial Review
The end of the year often feels like a rush towards the holidays, but the weeks leading up to December are the perfect time for a quick, essential financial clean-up. A few hours spent reviewing your details now can save you money and stress when the new financial year rolls around. This simple checklist will guide you through the often-forgotten administrative tasks that ensure your money is working as efficiently as possible.
Term Deposit vs Term Account
When you're looking for a simple, fixed-rate investment for your cash, you might come across two terms that sound almost identical: a Term Deposit and a Term Account. Don’t let the similar names fool you; these are two completely different financial products with vastly different levels of risk.
Setting Up Your Financial Shock Absorber
We often treat our finances as a simple monthly cycle: get paid, pay bills, save what's left. But in reality, money never flows that smoothly. Life is full of 'lumpy' expenses which are costs that aren't monthly but are absolutely predictable and guaranteed to arrive, like quarterly insurance premiums, annual registrations, or unexpected medical fees. These costs are often too big for your regular monthly budget, but too small or predictable to be covered by your massive, long-term emergency fund. This is why you need a dedicated financial buffer fund.
Tax Time! Don’t Forget Your Investment Income
With the 31 October deadline approaching, it’s a great time to ensure your tax return is complete, particularly if you have investment earnings. While your salary details usually pre-fill, the responsibility for accurately reporting income from assets like rental properties, shares, and cryptocurrency rests solely with you, and the ATO is actively using its advanced data-matching capabilities to check this information. This article walks you through some of the most common types of investment income that people sometimes forget to include
