u/WealthyWithTwo

Hi Guys, with 30th June approaching soon, here's our quick checklist to make sure we are not leaving money on the table this end of financial year:

1. Reviewing our expenses - we gather all the receipts for professional tools, subscriptions, and deductions.
2. Superannuation contributions - we make voluntary contributions to lower our taxable income and as we pay our insurances from super we try to compensate that as well.
3. Update investment records - we collate all our dividend statements, interest earned and any capital gain/losses.
4. Calculate wfh hours - We log and calculate our hours as we claim the WFH fixed rate.
5. Donations - We track down the receipts for any tax-deductible gifts or charity donations made during the financial year.

Any other smart deduction strategies that you are using this year?

We moved here as international students a few years back, and made basic money mistakes that we were not even aware of. Choosing super fund, TFN or ABN, different saving account, and so many other things.

Now looking back, a financial to-do list seems obvious but nobody tells you these clearly when you land. What would you put on yours?

After all the rate rises, why does the big 4 bank don't pass down the saving interest rate to standard saving account holder? When the RBA announces a cash rate increase, the Big 4 are quick in passing that increase down to their home loan customers. However, when it comes to passing those exact same yield increases to standard savings account holders, a distinct lag occurs. So how can one optimising the cash in saving accounts?