The ASX dodged the US mini-tech-wreck on Tuesday, surging to its best daily performance in seven months, as investors flooded back into beaten-up bank stocks. The benchmark S&P/ASX 200 shrugged off a downbeat Wall Street lead to gain steadily throughout the day. It closed up 95 points, or 1.7 per cent, to 5772.8, while the broader All Ordinaries index added 1.5 per cent to 5801.4. The Australian dollar was flat at US75.50¢ and government 10-year yields marginally firmer at 2.403 per cent as global investors awaited the US Federal Reserve interest rate decision . Overnight the US Federal Reserve has raised its key interest rate for the the third time in six months, providing its latest vote of confidence in a slow-growing but durable economy. 

What this means for you: 

This week we wanted to bring you some of the take outs from the Queensland budget that was released on Tuesday. There is a budget surplus of $2.8 billion in 2016/17, falling to $146 million in 2017/18. The state government sees unemployment to remain steady at 6.25% for the next 12 months and there will be $10 billion spent on infrastructure programs across the state in 2017/18. It has been proposed that pensioners and seniors may be eligible for a $329 electricity rebate, $69 reticulated natural gas rebate, up to $120 off the cost of water access and usage charges and up to $720 once every two years for one-off emergency assistance to pay home energy bills. We will see a 3.5% rise in vehicle registration costs which is the third rise in three years almost doubling inflation. Drought assistance has been extended with up to $34.6 million in assistance in 2017/18 and the First Home Owners grant has been extended by 6 months to December this year.

Regardless of your financial position, the approach of June 30 brings some "housekeeping financial issues". This annual deadline is fast approaching, so please take some time to consider the following so that the end of financial year is as good for you as it can be: 

1. Review your Depreciation Schedule to delete any obsolete items and add any times not on the Schedule.
2. Check your insurance schedule to ensure you have equipment adequately insured and that you are not covering valueless equipment.
3. Visit your utility suppliers to negotiate fresh contracts e.g. electricity / insurance providers.
4. Visit your banking arrangements to ensure you are getting the best loan or interest rate deal. Remember, with banks "if you do not ask, you will not receive".
5. Ensure employees are being paid correctly and that superannuation and wage records are up-to-date so employee pay records can be finalised promptly after June 30.
6. How long has it been since you reviewed your Will – does it adequately reflect your intentions when considering your current assets or debt levels and family situation?
7. Visit your bookkeeping processes – are they accurate, timely and cost or time efficient.
8. Review you first nine months trading to consider profitability. Are you comfortable with your profit level or return on investment?
9. Consider superannuation or savings plans. Statistics tell us we will live longer so we need to provide better and more stable retirement income streams. 

At Schuh Group we have a team of experienced, committed people to help guide and plan your financial future. We are a second generation business with firsthand experience in wealth creation. So, if you feel you need assistance in any of these areas, please don't hesitate to contact us on 07 5482 2855.