New Financial Year, New You: A Fresh Start for Your Finances
As we step into a new financial year, it’s the perfect time to hit refresh on your finances. Whether you’re looking to boost savings, refine your investment strategy, or simply regain control over your budget, now is the moment to set the tone for financial success.
🚀 Why a New Financial Year Matters
Unlike New Year's resolutions (which often fade by February), the new financial year is a real reset—tax thresholds update, super contributions refresh, and businesses reassess their financial strategies. It’s a great opportunity to redefine your financial goals and take advantage of tax efficiencies.
💡 Key Areas to Focus On
1️⃣ Review Your Budget & Spending Habits
Take a look at where your money went last year—are there areas where you could cut back?
Use budgeting apps or spreadsheets to categorize expenses and find savings opportunities.
Plan for upcoming big-ticket items (e.g., holidays, home improvements, investments).
2️⃣ Optimise Your Tax Position
If you haven’t maximized deductions, review what can be claimed.
Look into government incentives, including superannuation co-contributions or tax offsets.
3️⃣ Supercharge Your Superannuation
Now’s the time to check your contributions—can you top up your super before next June?
If your income allows, take advantage of salary sacrifice or personal deductible contributions to boost retirement savings and save in tax.
Review your super fund’s performance and fees—is it working hard enough for you?
4️⃣ Invest Wisely
Markets shift each financial year—align your investment strategy with current economic conditions.
Diversification is key—look at options beyond just property or shares.
Stay informed on tax-efficient investing, such as franked dividends or long-term capital growth strategies.
5️⃣ Set Clear Financial Goals
Identify short-term goals (saving for a trip, buying a home) and long-term priorities (retirement, paying off your mortgage).
Automate savings or investments for consistency.
Measure progress monthly to stay accountable!
🌟 Make This Year Your Best Financial Year Yet!
With a proactive mindset, a strategic approach, and smart financial habits, the new financial year can be a powerful opportunity to create lasting financial success.
Are you taking steps to reset your finances this year?
Register now for UQ’s Smart money: tips for saving, spending and tax
Take control of your finances with this jam-packed 90-minute webinar designed to help you stretch your money further and grow your wealth with confidence.
This 2-part session covers hidden 'budget killers', supermarket savings secrets, and building a goal-aligned spending plan. Then, shifting gears to key tax strategies, including recent changes to tax rules - including what you can and can't claim - and common mistakes to avoid.
Whether you're looking to master your money day-to-day or plan ahead for the future, this session will leave you empowered and informed.
Event Details
Date: Thursday 26 June 2025
Time: 6–7.30pm AEST
Cost: free
If you're unavailable to watch the webinar live, still register below to receive the recording after the event.
Presenters
Monique Doney
Founder, The Wealth Doctor
Bachelor of Commerce and Bachelor of Economics '14
Monique has been working for over 10 years as a Financial Planner helping over 1,000 people from minimum wage earners to neurosurgeons.
She has recently opened a boutique financial planning and education business called The Wealth Doctor. Monique is dedicated to making financial knowledge accessible to all. She believes that smart money habits start early, and her goal is to empower students and graduates with practical savings strategies that can set them up for financial success.
Vanessa Gray
Founder, Vanessa Gray Accounting and Tax
Bachelor of Business Management and Bachelor of Commerce '05
Vanessa is a qualified Chartered Accountant with over 20 years’ experience and has a strong background in tax compliance. She spent 9 years in mid-tier firms and 6 years as Australian Tax Manager at global company DNV.
In 2016, Vanessa open Vanessa Gray Accounting and Tax and she has grown a large client base of sole traders and service-based businesses. She is passionate in helping small to medium size businesses with accounting and tax matters.
Enquiries:
Alumni and Community Engagement
Telephone: +61 7 3346 3166
Email: uqalumni@uq.edu.au
About Alumni and community events
UQ alumni and community events take place in-person and online, across the globe, throughout the year. UQ alumni are invited to join the UQ ChangeMakers platform to access early event registrations, benefits and discounts.
What is a catch-up contribution?
Super contribution caps used to be use it or lose it. Now you can make up contributions from past years if you didn't use all of your cap.
🤔 Am I eligible to make one?
1. If your superannuation balance was less than $500,000 on 30 June 2024 AND
2. You have 'unused concessional cap amounts' from the previous 5 years AND
3. You have used the whole of this years $30,000 cap
If you answered yes to all three questions then YES you are eligible.
❓Should I make one? Only your financial adviser can tell you that, but here are some things to consider...
- Are you in a high tax bracket?
- Have you made a capital gain this financial year?
- Do you like tax deductions?
- Is your balance nearing $500,000 and this could be your last opportunity?
- Do you like growing your assets?
- Can you say goodbye to this money until you retire?
Boost Your Super with Government Co-Contributions
Did you know the Australian Government chips in to help grow your super if you're eligible? 🙌 If your income is below $45,400, you could receive up to $500 FREE into your super when you make personal contributions!
💡 Here’s how it works:
✅ You contribute up to $1,000 to your super from after-tax income.
✅ The government matches up to 50 cents per dollar (max $500).
✅ No catch—just extra retirement savings!
🌟 Why take advantage?
Free money! Who doesn’t love extra cash in their retirement fund?
📌 Key Reminder: Contributions must be made by June 30 to qualify for this year!
The Magic of Compound Interest
There is no way to go back in time but imagine the results if you started investing today!
Our friends at Vanguard have put together a short video to explain how interest and earnings compound astronomically over time.
Their example in the video had an initial contribution of $10,000 plus monthly contributions of $500 (a total of $190,000 over 30 years) which accumulated to more than $880,000 when invested in the Australian stock market.
That is the magic of compounding.
There is nothing more certain than Death & Taxes
Wait a minute, there is tax on my super when I die? WTF?
Whilst you are able to make superannuation withdrawals over age 60 tax free, did you know that tax may apply if certain beneficiaries inherit your funds after your death?
Superannuation contains both taxable and tax free components. Taxable components accrue through employer and salary sacrificed contributions (concessional). Tax free components accrue through after tax contributions (non-concessional).
'Dependants' under tax law which commonly include a spouse or child under 18 years old can receive all of your super tax free.
However, adult children may be subject to 17% tax on the taxable component.
How can you avoid this 'inheritance tax'?
You can recycle your super from taxable to tax free components through a 'cash out, re-contribution' strategy.
How does it work?
1. When you are eligible to do so, you withdraw a lump sum from super. Withdrawals from super draw proportionately from your taxable and tax free components. Withdrawals from super at age 60 are tax free to you.
2. Re-contribute the funds to super as a non-concessional contribution. Keep in mind the contribution caps.
This strategy has recently helped one of my clients to convert their super from majority taxable to majority tax free. Meaning a potential tax saving for their children when inheriting the funds down the track of up to $130,000!
Super is about to get a bit more super!
Superannuation Guarantee is going up but that doesn’t mean you should stop your own contributions.
From 1 July 2024 the standard super contribution rate is legislated to increase to a minimum of 11.50%. A win for all Australians who will build their retirement savings faster.
Your employer may choose to voluntarily pay a higher percentage.
Previously, QLD government and health employees were required to make additional "voluntary" 'standard member contributions' of 2-5%. This qualified employees to receive higher employer contributions up to 12.75% (or 18% for police officers).
You no longer need to make your own contribution to receive the higher employer contribution. But here is why I think you should continue to make your own contributions.
An example of a 30 year old who earns $100,000/year, has a super account worth $100,000 invested in a fund earning 7.5%p.a. on average would retire with a super balance at 65 of $766,448 if they cancelled their voluntary contributions. If they continued to make salary sacrifice contributions of 5%, they would retire with $990,412. A difference of $223,964!
I can’t wait to buy my first home
Lets talk first home super saver scheme...
It now pays a rate of return of 5.70% (calculated as the 90 day bank bill rate + 3%). Higher than any online saver account (4.75%) or 12 month term deposit (4.10%) on offer. Sounds like a low risk yet 'high' return way to save for your first home.
So far $385 million has been released to 29,511 individuals, an average of just over $13,000 each. With the possible withdrawal amount recently increased to $50,000, why hasn't the uptake been higher?
How much can you REALLY withdraw? It depends on how many contributions you have made yourself, not employer contributions. Any salary sacrifice, personal deductible contributions or contributions you've made but didn't claim a tax deduction on (non-concessional) are available for withdrawal plus the deemed interest these contributions have made, regardless of how much your superfund has actually made during the period.
With many superfunds down over the past few years, an interesting quirk of the system could soon eventuate. You are able to withdraw the interest deemed at 5.70% but your superfund return may have been negative for the year, meaning you will be dipping into other capital (probably from employer contributions or past earnings) to fund the interest component of your withdrawal. When designed, this wasn't considered because "super generally goes up over time".
There is also slight uncertainty in funds being released or being locked away until retirement. The design of the program makes it difficult to understand and comply with.
The sole purpose of super is to fund retirement, not house purchases. There is always the possibility that the scheme could be shut down as the government legislates the purpose of super and minimises the opportunities to withdraw. However, the important part of the scheme is that you are only able to withdraw contributions YOU put in. Contributions that without the scheme would not have happened in the first place.
Not everything is made equal in the world of wealth
With international Women's day coming up month, it is important to explore the different financial challenges men and women face.
The gender pay gap, need for flexible working conditions, maternity leave and a longer life expectancy just to name a few.
The latest research from Netwealth reports that more than 50% of Australian women surveyed worry about money on a daily or weekly basis. (Only 37% of men surveyed felt the same).
With cost of living rising and rate hike after rate hike, I'm not surprised that it isn't 100%.
Women also feel less confident in making their own investment decisions, have lower financial literacy and a more conservative risk profile. I've seen this with my clients for years with one partner often taking control of the family's finances and the other taking the back seat.
Financial stress can severely impact physical & mental health, family or social life and work satisfaction.
Quality financial advice can help both men and women improve their financial position and reduce their mental strain by knowing that their future is being looked after.
Thanks Netwealth for your research. See the link for access to their latest report: Women as the new face of wealth - Advisable Australian 2023 (netwealth.com.au)
Stamp duty is a demon
Stamp duty can be a big hurdle for first home buyers to get into the market adding costs of $30,850 in QLD, $40,305 in NSW and $55,000 in VIC for a $1,000,000 first home purchase.
I know each state has their own scheme that allows first home buyers to receive a stamp duty exemption but the thresholds are just too low for anyone to take advantage of them.
The average age of a first home buyer in Australia is now 36. Show me a family home that can be purchased in a capital city for less than $500,000 in QLD, $800,000 in NSW and $600,000 in VIC!
Stamp duty also prohibits retirees from downsizing to a property that’s more appropriate to their needs than a 5 bedroom double story family home. This in turn reduces the number of houses on the market for purchase by first home buyers.
Are you for or against scrapping stamp duty in favour of a smaller, annual land tax?
Finding Financial Bliss: Reimagining Debt and Investment Strategies for Long-Term Happiness
Is it time to re-evaluate your debt & investment strategy?
For many years the low interest rate environment has incentivised us to invest or contribute to super over repaying our mortgages.
With an opportunity cost lower than 2% for a brief moment of time and high earnings in investments (circa 10%+), who could blame you? The math’s of the situation was clear. Not to mention the extra benefit of a tax deduction for contributions to super on top of the difference in interest rates.
Now the tables have turned, and the impact is twofold. A rapid increase in the official cash rate has increased our cost of borrowing on top of a share market slump. So, what can we do about it?
Firstly, check your mortgage interest rate and call your bank to ask for a better deal. If you don’t like their offer, you can refinance.
Next consider if there is any way you can reduce your debt by shuffling cash around or by (shock horror) cutting back on your expenses. No more avocado on toast! Kidding.
Then think about your investments and if they still align to your long-term goals. Investment earnings may not be good this year but often perform in the long run.
Lastly, calculate the after-tax profit/loss of each scenario. It is important to compare like with like.