We all love a holiday. Having a break from the daily grind is the best way to refresh, re-energise and refocus but it’s not always possible to take off for a long holiday, which is where the newest vacation trend – microcations – comes in handy.

The microcation squeezes all the benefits of a vacation into a short break and addresses all the reasons you might not have managed to have time away for a while. Personal commitments, pressures at work and financial constraints all can get in the way of taking a vacation so taking off for a short, mini break is easy to organise and can be easier on the bank balance.

The benefits of a microcation

Whether you’d like to tear yourselves away from the routine of daily life and have some excitement, or just leave the stress of life behind for some much-needed R&R, the microcation offers all the benefit of a longer holiday in a small package.

Short breaks of under four days achieve restorative benefits on par with longer vacations and are even better for your thinking patterns and mental health than a longer break. The benefits of a tiny vacation also extend way past your return home, as a study conducted by the University of South Australia demonstrated. Participants wore fitness trackers that showed improved health and sleep patterns for as long as two weeks after taking a long weekend consisting of three days on holiday.

Microcation – macro easy!

If the thought of planning a lengthy vacation makes your stress levels rise, think of how comparatively easy it is to plan a micro vacation. It’s much easier to be spontaneous when you are only heading off for a few days. You can make the most of last-minute special offers for accommodation or airfares, or even just hop in the car and see where you end up. And you don’t have to worry about luggage allowances or excess baggage!

Does not need to break the bank (or the budget)

A tiny break is a LOT cheaper than a lengthy holiday just because of the short duration but there are also a lot of ways to keep a lid on expenses when you are away for a small amount of time.

Check out special midweek offers or look at house sitting or pet sitting opportunities in the area you are thinking of visiting. You might get to stay somewhere stunning for a few days – with some fur babies to spend time with.

Making it a social trip can also make for a lovely time away – and cost savings. You could think about visiting friends who live somewhere nice or getting together with a group to rent a lovely house in a great spot.

Planning a road trip can be simpler if it’s just for a brief time. You could even try camping to get off the beaten track and go exploring.

Just think about how many of your holiday highlights have been those unplanned magic moments that only happen when you let go and be open to new experiences. So just clear your schedule for a few days and let the fun begin! You don’t even have to have a trip away to enjoy a short break. Just taking a break from routine and exploring what your local neighbourhood has to offer can lead to amazing experiences.

Making the best of a short break

It’s important to make the best of a microcation from the get-go as you don’t have the luxury of a week or so getting into “holiday mode.” Try to choose an environment that allows you to feel removed from your regular routine and responsibilities and detach from work as fully as possible.

There are no limits to how short a microcation has to be, so you could even do something nice on a weekend, in your lunchbreak or after work – anything that makes you happy, relaxed and gets you out of your regular routine will give you all the benefits of a microcation and leave you refreshed and ready to live your best life when you’re not on holiday!

Suite 2, 1 Railway Crescent
Croydon, Victoria 3136

Email: integrityone@iplan.com.au

Telephone : 03 9723 0522

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This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. Please consult your adviser, finance specialist, broker, and/or accountant before making decisions using this information.

Stay up to date with what’s happened in markets and the Australian economy over the past month.

The run of stronger-than-expected domestic inflation figures continued in May.

The higher-than-expected inflation figures saw Australian shares tumble after reaching a welcome high mid-month.

The ASX200 finished the month on a positive note, slightly higher for the month of May.

Click the video below to view our update.

Please get in touch if you’d like assistance with your personal financial situation.

Click here for our June update video.

Please get in touch on 03 9723 0522 if you’d like assistance with your personal financial situation.

Suite 2, 1 Railway Crescent
Croydon, Victoria 3136

Email: integrityone@iplan.com.au

Telephone : 03 9723 0522

Integrity One Facebook

This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. Please consult your adviser, finance specialist, broker, and/or accountant before making decisions using this information.

As the financial year draws to a close, it’s the perfect time to review your financial affairs and set the stage for a successful new financial year. By taking care of essential tasks and implementing strategic planning, you can position yourself for a smooth transition and a strong start for the year to come.

Topping up super

One important item for the To Do list is to top up your super with either concessional (pre-tax) or non-concessional (post-tax) contributions. For example, you could make a voluntary concessional contribution up to the limit allowed and then claim a tax deduction on your personal assessable income for it.

Consider making additional contributions to your own super account or your spouse’s account, to take advantage of tax concessions.

If you have unused concessional cap amounts from the previous five years and a super balance less than $500,000 on June 30 the previous year, you may be eligible to make a catch-up (or carry-forward) contribution greater than the annual limit.

Maximising contributions not only helps you build your retirement savings but can also provide valuable tax benefits. But it’s critical to be mindful of your caps and to ensure that you make any super contributions before the end of the financial year to meet the deadline.

Reviewing investments

Reviewing your investment portfolio is a valuable task at any time but particularly now.

For example, you could take a look for any capital gains or losses that could be used strategically to manage your tax liability.

Also, it is worth considering how your portfolio performed over the past 12 months against your goal of capital growth, income, or balance.

You may decide to readjust your goals or your investments to help steer performance in the right direction for the next 12 months.

Of course, if you’re planning any changes, it’s important to check in with us to ensure you’re making informed decisions about your investments.

Paying expenses early

Another useful strategy at tax time can be to bring forward any deductible expenses or interest payments before 30 June to reduce your taxable income.

That could include incurring expenses on an investment property, prepaying interest on investment loans, making charitable donations, or claiming eligible work-related expenses.

Make sure you keep detailed records and receipts to support your deductions.

The ATO’s myDeductions app is a great place to start for free record keeping and to assist you to be ready for tax time.

Setting up salary sacrifice

As you look ahead to the new financial year, consider whether a salary sacrifice arrangement might be right for you.

Salary sacrifice allows you to divert a portion of your pre-tax salary directly into your superannuation, effectively reducing your taxable income and boosting your retirement savings.

You will need to think carefully about your living expenses to work out the amount you can afford to contribute to your super, ensuring you do not exceed your concessional (before-tax) contributions cap of $27,500 (which will increase to $30,000 from July 1 2024) to avoid paying any extra tax.

Your employer or payroll department can help you set up a salary sacrifice arrangement.

Checking your budget

This is a good time to revisit your financial goals and how you’re tracking and then put together a strong budget for the new financial year that will help get you further along the track.

Take the time to review your income and expenses and identify any areas where you can cut back spending or improve your income.

This exercise not only helps you understand your financial habits but also allows you to reallocate funds towards your goals, such as paying down debt, building an emergency fund, or increasing your investment contributions.

Consult with professionals

Don’t forget to check in with your trusted advisers – financial advisers, accountants, or tax professionals – to make sure you are making the most of any opportunities for financial growth and maximising tax savings.

Taking advantage of our expert advice to review your current financial situation and goals, and check that you are making the best decisions for you can make a difference. It provides peace of mind, ensures that you are complying with any obligations and, importantly, puts you in the best position to achieve your financial goals.

Suite 2, 1 Railway Crescent
Croydon, Victoria 3136

Email: integrityone@iplan.com.au

Telephone : 03 9723 0522

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This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. Please consult your adviser, finance specialist, broker, and/or accountant before making decisions using this information.

At this time of year, many property investors feel overwhelmed by the extra tax admin suddenly looming over them. However, if you switch your wintery end-of-financial year (EOFY) mindset to a sunnier new year one, you might find plenty of ways to plan for a more profitable future at the same time as you close off the year. Here are some ideas to get you excited about doing that admin.

First up, you can’t do anything if your paperwork is a mess. If you routinely find yourself drowning in a shoe box of paper receipts and spending hours searching for emailed supplier receipts, it might be time to invest in a better filing system for next financial year. Many bookkeeping programs have them built in. Check out what systems like Zero and MYOB offer and ask other people about their filing habits.

Improving your profit margins and cash flow

The most important numbers for most investors are cost versus profit. If they’re not what you hoped, EOFY is a good time to take stock and plan how to improve them over the coming 12 months. Start by checking if you’re still on the best interest rate and if you need to adjust rents to cover repayments. You may even need to explore selling underperforming properties and reinvesting elsewhere or trimming your renovation budget.

Making the most of your costs and deductions

If you’re panic spending on last minute deductions that may not be the best fit for you, it could be a sign you need a longer-term plan for effectively investing in your property business. Creating an action calendar could help improve your profit margin and cash flow by planning what property issues to address and when. You’ll feel more in control and have more time to research your options and buy what really suits your plans – whether its decoration for short stay properties, scheduling maintenance and upgrades on rental properties or expanding your portfolio.

Charity giving is another area that can benefit from some forward thinking. Instead of this year’s hurried one-off donation in late June, why not talk to your favourite not-for-profits about ways you could help throughout the year? They may be looking for an event, activity or kit sponsor. If it’s something related to your work area, it could be an apprenticeship, study or internship you offer. You’ll be helping where it’s needed and boosting your profile and contacts at the same time.

Cancel what you’re not using

As you’re going through your expenses, it’s a good time to cancel any subscriptions or services you don’t use anymore. These could be streaming services, online magazine subscriptions or computer programs that you don’t really use. If you only use part of a program, say Adobe Creative Suite, you may be able to reduce the fee by only paying for that part. You could also explore switching to newer offerings like the free Google Docs instead of paying for Microsoft Office.

Check your super contribution limits

Make sure you’re up to date on current super contribution limits before making any one-off payments to your fund. Penalties for over-contributing can be significant. Don’t forget that if you’re over 55 and have, or are planning to sell your home, you may be eligible to add up to $300,000 into your superannuation. You can check the current contribution limits on the Government’s MoneySmart site or talk to your super fund, accountant or financial adviser.

If you‘d like an update on your lending in relation to your investments, please get in touch. We’re happy to help any way we can to make your property journey as rewarding and as easy as possible.

Suite 2, 1 Railway Crescent
Croydon, Victoria 3136

Email: integrityone@iplan.com.au

Telephone : 03 9723 0522

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This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. Please consult your adviser, finance specialist, broker, and/or accountant before making decisions using this information.