![Teisha Butt from Wagga Wealth says the new financial year is a good opportunity to get your finances sorted. Picture by Tom Dennis Teisha Butt from Wagga Wealth says the new financial year is a good opportunity to get your finances sorted. Picture by Tom Dennis](/images/transform/v1/crop/frm/234655866/26d9f2c1-6b4c-483c-8de9-90671b5346c6.jpg/r0_505_7839_4912_w1200_h678_fmax.jpg)
It's the time of year where financial matters are on the mind, with tax returns to be lodged and claims needing to be made.
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But tax time can also provide a chance to make positive change, with experts urging individuals to reassess their financial position and address any goals they might have for the coming year.
Wagga Wealth financial advisor Teisha Butt said 20 per cent of Australians don't have any emergency savings, but taking the time now to look at where you are and where you want to be financially can be very beneficial.
"Using the financial year to sit down, having a look at where you're at, potentially reviewing what your financial goals are and how you're tracking towards them," Ms Butt said.
"If you don't have financial goals, really use this time of year to be intentional about what you want to achieve in the next 12 months."
New tax cuts equals more cash
The government's new tax cuts came into effect on July 1, meaning every taxpayer in Australia will receive more cash in every payslip over the next 12 months.
Director of Paisley Robertson Accountants, Andrew Morrison, said the cuts are a positive change for people feeling the pinch.
"The government's been prepared to cut the tax rates, so they [taxpayers] will get more in hand," Mr Robertson said.
"On average, most people will probably receive two grand or so over the course of the year, but that will be spread out throughout the year."
Ms Butt urged people to get a good grasp what the changes in tax rates means for individual finances, saying that understanding how the cuts will affect earnings is very important for financial health.
"There is a government website called www.taxcuts.gov.au, and you type what your annual salary is and it'll tell you, just that one click of a button, exactly how much extra you'll be getting over the next 12 months," Ms Butt said.
"Just being informed to what has changed for you from yesterday and using that as best as you can, don't just let it get absorbed into your money world."
Mr Morrison said people will see similar tax returns to last year, but still had a few tips and tricks to remember when it's time to lodge a return.
![Andrew Morrison, director from Paisley Robertson Accountants. Picture by Tom Dennis Andrew Morrison, director from Paisley Robertson Accountants. Picture by Tom Dennis](/images/transform/v1/crop/frm/234655866/65fcaffa-5115-4557-b0e8-f40dee70d4ce.jpg/r0_124_7942_4589_w1200_h678_fmax.jpg)
"Documentation is key, you really can't claim an expense without having an invoice or documentation to claim that expense," Mr Robertson said.
"Whether they use their car or they work from home, or they've got a uniform, it's got to be related to that income they're actually claiming the deduction against... keep a diary, evidence of home office work, log book and diary evidence of your car usage."
"Come and see your tax agent, make sure you're claiming everything you can, so you can maximise that tax refund."