A New Financial Year Is Coming. What Should You Actually Be Thinking About?
- Mitchell Mackenzie
- Jun 7
- 5 min read
As we approach 30 June, it's easy to feel like you should be doing something with your finances.
The financial pages are full of Budget commentary. Property remains a hot topic. Superannuation changes are making headlines. Everywhere you look, someone seems to have an opinion on what investors, retirees or families should be doing next.
It's enough to make anyone wonder whether they're missing something.
Before rushing to make a decision, it may be worth asking a different question:
What should I actually be thinking about right now?
At Aspire2Wealth, we've been having this conversation with many of our clients across Perth over the past few weeks.
While there is still uncertainty around some proposed government measures, one thing hasn't changed. Good financial planning isn't about reacting to headlines. It's about understanding where you are today, where you'd like to be tomorrow and making decisions that support those goals.
That's why the end of the financial year can be such a valuable checkpoint.
Not because you need to do everything before 30 June, but because it's an opportunity to pause, take stock and make sure you're heading in the right direction.
Has Anything Changed In The Last 12 Months?
Before looking at superannuation, tax strategies or investment opportunities, it's worth reflecting on the year that's been.
Have there been any significant changes in your life?
Perhaps you've changed jobs, received a pay rise, paid down debt, purchased a property or started thinking more seriously about retirement.
For some people, the past year has been about building wealth. For others, it's been about managing rising living costs, supporting family members or preparing for a new chapter of life.
These moments matter because financial plans shouldn't stay the same forever.
A strategy that made sense five years ago may not be the right strategy today.
The start of a new financial year provides a natural opportunity to ask:
What's working well?
What needs attention?
What do I want to achieve over the next 12 months?
Am I still on track to meet my longer-term goals?
Often, these questions reveal opportunities that may have otherwise gone unnoticed.
What Are The Benefits Of Wealth Management?
Many people think financial advice is primarily about investments.
In reality, wealth management is about understanding how all the different parts of your financial life work together.
The way you structure investments can affect your tax position. Decisions around superannuation can influence retirement outcomes. Estate planning arrangements may have implications for future generations.
Looking at these areas in isolation can sometimes create unintended consequences.
A wealth management approach focuses on the bigger picture. It helps ensure your financial decisions are aligned with your goals and that the various pieces of your strategy are working together rather than competing against one another.
This can include:
Investment planning
Superannuation strategies
Retirement planning
Tax-effective wealth creation
Risk management and insurance
Estate planning considerations
For many families, the start of a new financial year is a good time to step back and review whether their financial plan still reflects the life they're building.
Are There Any Opportunities Before 30 June?
The short answer is that there may be.
Depending on your circumstances, there could be opportunities to review:
Superannuation contributions
Capital gains tax positions
Investment structures
Trust distributions
Personal tax planning strategies
Debt management strategies
However, one of the biggest mistakes people make at this time of year is acting too quickly.
We often see people hear about a strategy from a friend, read something online or come across a headline that sounds appealing without fully understanding how it applies to their own situation.
Good financial planning is rarely about finding a quick win.
It's about understanding the broader implications of a decision and ensuring it supports your long-term goals.
Sometimes the best decision is to act before 30 June.
Sometimes it's to wait until more information becomes available.
The key is making decisions for the right reasons.
How To Get Retirement Planning Advice In Perth?
Retirement planning is one of those things many people intend to focus on later.
The challenge is that some of the most valuable retirement planning opportunities occur years before retirement actually begins.
The years leading up to retirement can provide opportunities to review contribution strategies, improve tax efficiency and think carefully about how retirement income will be generated.
One of the most common observations advisers make is that people often seek advice just before they retire and discover there were opportunities available earlier that could have improved their long-term position.
That's why retirement planning is about more than choosing a retirement date.
It's about understanding what you want retirement to look like and putting a strategy in place to support that vision.
For people in Perth who are approaching retirement, or even thinking about it over the next five to ten years, now can be an ideal time to start that conversation.
What Changes From 1 July 2026?
Several confirmed superannuation changes are scheduled to take effect from 1 July 2026.
Higher Concessional Contribution Caps
The concessional contributions cap will increase from $30,000 to $32,500.
Concessional contributions are generally contributions made from pre-tax income and include:
Employer Superannuation Guarantee contributions
Salary sacrifice contributions
Personal deductible contributions
For some Australians, this increase may create additional opportunities to boost retirement savings while potentially improving tax efficiency.
Higher Non-Concessional Contribution Caps
The non-concessional contributions cap will increase from $120,000 to $130,000.
These are contributions made using money that has already been taxed, such as personal savings or proceeds from the sale of assets.
For individuals looking to accelerate retirement savings, the higher cap may provide additional flexibility.
Other Indexed Superannuation Thresholds
Several superannuation thresholds are also expected to increase through indexation.
While these changes won't affect everyone, they highlight the importance of reviewing financial strategies regularly rather than leaving them untouched for years at a time.
How To Plan My Estate?
Estate planning is often one of the most important financial conversations that gets pushed aside.
Many people assume estate planning begins and ends with a Will.
While having an up-to-date Will is important, a comprehensive estate plan often involves much more than that.
It can include:
Reviewing superannuation beneficiary nominations
Establishing powers of attorney
Considering enduring guardianship arrangements
Understanding how assets are owned
Reviewing family trust structures
Ensuring wishes are clearly documented
For families thinking about intergenerational wealth, estate planning can also help provide clarity around how assets will be transferred and managed in the future.
The beginning of a new financial year is often a good reminder to review these arrangements, particularly if there have been significant changes in your family, finances or personal circumstances.
Good estate planning isn't just about protecting assets.
It's about making life easier for the people you care about most.
Start The New Financial Year With Confidence
There is always going to be another headline.
Another market update.
Another Budget announcement.
The challenge is knowing which information matters and which information is simply noise.
As we move into the 2026-27 financial year, perhaps the most valuable thing you can do is take stock of your current position and make sure your financial strategy still reflects your goals.
The opportunities available to you may be very different from those available to someone else.
That's why thoughtful planning matters.
Because good financial planning isn't about making rushed decisions before a deadline.
It's about making the right decision at the right time.
If you'd like to discuss your financial position before the new financial year begins, Aspire2Wealth can help you understand your options and build a strategy that aligns with your goals.
Sources
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