Do you know what a product disclosure statement (PDS) is?
Many people now use them, and various companies refer to them in their advertising, but from personal conversations about things I write, I know many people don’t know what the term means.
A PDS is simply a document listing the key features of financial products are described; it is the little booklet you got about your savings account, insurance policy, super account and so on. Basic topics covered by a PDS include fees, options, inclusions and joining/buying the product.
There are variations between industrires and companies but generally the company has to make a PDS available before you buy their product – they can’t make you read it obviously but they must have allowed you that opporutnity.
A PDS is a point of reference when deciding between products and when you need to know something later (eg does my house insurance cover rising water or just floods?) Many PDSs are long and may not be visually appealing, but they are worth holding onto.
Do you think it is time to prepare for a new financial year – or are you going to wait until July to work on your tax and accounting obligations?
I always plan to be organised so I can submit a tax return in early July, but it is never quite that smooth in reality. My bookkeeper needs time to enter all the data from June, I need my super fund to send me a deduction letter and so on.
However, I really do look at my accounts now so I can maximise this financial year – thinking of deductions in July won’t help much!
Here are some of my tips on keeping accounting issues under control in June/July:
How else do you make your accounting and tax tasks quicker or easier?
It’s getting very close to 30 June, but there’s still time to prepare your finances for it. Some things I have been thinking about (and doing in some instances) are
How much do you do to prepare for the end/start of financial years? Is this when you do budgets and analysis or do you base that on the calendar year instead?
It is now June and the end of financial year is rapidly approaching – are you ready for it?
Here are some of the things I am considering at the moment to maximise my position at 30 June. Is there anything else you do at this time of year?
By preparing now, you may decrease your tax liability and be ready to start the new financial year with a clean slate.