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Here are Loans On The Run’s top tips for a more fiscally fabulous financial year:

MANAGE YOUR MORTGAGE

It’s easy to put your home or investment loan on the mental back burner, especially when interest rates are low. But complacency could be costing you thousands over the life of your loan. It costs nothing to talk to your broker to see what other lenders are offering or to find out if you can reduce your interest rate with your current lender.

SOCK AWAY EXTRA SAVINGS

Make a habit of saving any extra cash throughout the year. Turn tax returns, pay raises, and work bonuses into savings instead of spending. Inject these and other windfalls into your mortgage to reduce the cost and duration of your loan. If you have a redraw facility, you can always withdraw the funds if an urgent need arises.

DOUBLE DOWN ON CLEARING DEBT

Pay off your most expensive debts first, then tackle the rest. If you’re only making the minimum repayments on credit and store cards, you’ll carry debt longer than necessary, making it harder to get ahead. Review your debts and prioritize paying off those with the highest interest rates.

You might also consider transferring high-interest credit card debt to a low-interest option. Look out for zero-interest balance transfer offers and use the opportunity to clear your balance sooner.

GET SAVVY WITH YOUR SUPER

Your annual super statement will arrive in the new financial year. Take the time to review it and see how your nest egg has performed. Employers must contribute a minimum of 11% (previously 9.5%) of your salary to your super, and some may offer more. You can also choose to salary sacrifice additional contributions to boost your investment.

How much you contribute depends on your stage of life and personal finances. Talk to your financial adviser to check how much extra you can contribute without being penalized and to confirm if additional contributions align with your financial goals.

From July 1, concessional (before-tax) contributions will be capped at $25,000 per year for all ages.

Additionally, review your investment mix and adjust it if you’re unhappy with its performance. Your super fund should provide options based on risk levels. Higher-yield opportunities generally come with higher risks. Decide how to distribute your super across different investments like shares, cash, or other assets.

If you receive multiple super statements, consider consolidating your accounts into one. Super builds on compound interest, so scattered accounts could mean you’re missing out on better growth opportunities.

CASH IN ON TAX DEDUCTIONS

You still have time to make tax-deductible purchases before June 30. Check with the ATO to see what deductions apply to your specific job if you are a PAYE employee.

Small business owners have until June 30 this year to take advantage of the $20,000 instant asset threshold. This allows you to immediately deduct the business-use portion of a depreciating asset that costs less than $20,000.

Now is also the perfect time to make tax-deductible donations to a registered charity of your choice.

If you’re financially prepared, consider prepaying some tax-deductible expenses, such as accountant fees, interest costs on investments, and work-related expenses for the next financial year. Check with your financial advisor to confirm if prepayments are suitable and whether you qualify.

Disclaimer: The information in this article does not constitute financial or taxation advice. Taxation legislation is complex, so we recommend consulting your financial advisor, tax consultant, or the ATO for personalized advice.