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Investors should revisit and refresh their financial goals in time for the start of the new financial year,according to AMP Capital.
AMP Capital's End of Financial Year (EOFY) investment checklist ensures customers are in optimumfinancial shape for the year ahead. While tax is often the focus for individuals in the lead up to 30 June,the period is a timely reminder to look at other investments including superannuation.
AMP Capital Director, Australia and New Zealand, Craig Keary said: 'In light of a complex tax andsuperannuation environment, now is an important time for investors to examine their investments toensure they continue to align with their goals.
'Touching base with a financial adviser, reviewing asset allocation and investing in your financialeducation are all things individuals can do to stay abreast of their investments, how they're performingand ultimately whether their financial goals are being met.
'The end of the financial year is a great time to do this given many people are already using the period toaddress their finances from a tax perspective.'
AMP Capital's EOFY checklist is as follows:
1. Review your investment goals: Recent market volatility has made it more important to reviewyour investments and ensure they are still delivering against your lifestyle and retirementobjectives while being mindful that long-term - not short-term - performance needs to be thefocus
2. Review your asset allocation: The impact of market volatility also means it's important to look atasset allocation and assess whether your portfolio could benefit from exposure to asset classesyou may not have traditionally considered such as infrastructure. More broadly, your annual assetallocation review needs to be considered in the context of your goals. Do you have enoughexposure to growth assets such as equities if growth is your objective? If income is important butit has dipped in a low interest rate environment, should you consider moving out of cash into otherasset classes such as property or infrastructure or allocating to a better-performing incomefocused product?
3.Make an appointment to see a financial adviser: A lot can happen in 12 months so if it's been ayear (or longer!) since you've seen a financial adviser, consider making an appointment to talkabout your goals and any change in your personal situation. A financial adviser can also provideguidance on asset allocation and help you assess your investments in line with your overallobjectives. In addition, they can advise on any recent changes to superannuation or tax legislationthat may affect you.
4. Make full use of your concessional contribution limits:If you are able to make salary sacrificecontributions, or if you are eligible to claim a tax deduction for your superannuation contributions,you can reduce your personal income tax by making full use of your concessional contribution cap
5.Check the tax effectiveness of your investments: Australian shares and direct property may besuitable investments for you if you're concerned you're paying too much tax on your investments.// 2You may be eligible for franking credits if you invest in Australian shares (this is dependent onyour marginal tax rate) or you may be able to claim tax deductions through holding direct property.
6. Continue to invest in your own financial literacy and learning: As the old saying goes,knowledge is power. The more you understand about finance, the better you will be able tomanage your investments to ensure you're on the right path to achieving your goals. Subscribe tofinance newsletters from media outlets as well as service providers to receive updates oninvestment opportunities, economic trends and general information relating to investing andsuperannuation. The AMP Capital website - www.ampcapital.com.au - is a good place to start!
About AMP Capital
AMP Capital is a specialist investment manager, with a heritage and strength in real estate and infrastructure, and specialist expertise in fixed income, equities and multi-asset solutions. AMP Capital has A$160 billion in funds under management as at 31 December 2015 and more than 250 investment professionals.
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