New year, new you - how to embrace SOFY

Now that the dust has settled on the EOFY rush, it’s time to plan for SOFY - the start of the financial year.

- 

Most Australians tend to focus their energy on the end of the financial year. But the SOFY - start of the financial year - is a good time to take stock and lay plans for the 12 months ahead. It’s especially important this year because of tax reforms announced in May’s Federal Budget. Here are five areas to focus on this SOFY:

1. Have your circumstances changed?

Life doesn’t stand still for long, and SOFY is an ideal time to review your goals, finances and family situations. The arrival of a new child or grandchild, or a divorce or separation - these can be cues for a chat with a financial adviser.

2. Could your super be impacted by the new Division 296 tax and other tax reforms?