Business owners commonly fall into the trap of not paying themselves a regular salary and there’s a somewhat worrying trend that they are foregoing superannuation¹ as well. Add to this concerns about business owners using their savings to prop up business finances, it’s important for business owners to implement a strategic financial plan. Your personal…
According to the Prime Minister, the changes to Stage 3 Tax laws will provide a tax cut for everyone. Commencing 1 July, you’ll have money you’ve never had before and the question is: How will you use the extra cash? Will you spend it on living expenses or something a bit more fun, pay down…
The start of a new year usually heralds change. For some family leaders, changes in relationships and a range of external influences affecting family members have them concerned about potential impacts on family wealth.
According to a recent survey conducted by *Netwealth, wealthy Australians like to plan. Typically, they are highly educated, highly paid professionals or senior managers and while they are aged from 45 years, on average they are 60 years old. They proactively engage in their financial affairs and a very strong 64% consider themselves financially resilient.
Superannuation can be complicated and that’s mostly because there are lots of rules which provide restrictions, but there are also opportunities. For example, the opportunity to withdraw then recontribute superannuation can improve outcomes for adult children as beneficiaries of their parents estate, and benefit retired couples who may need to share superannuation.
We’d like to take you back to when you first sought financial advice. It may have been in the last year or two or perhaps it was 15 or 20 years ago. Regardless of the time lapse, there would have been a particular reason, and it’s very likely that reason remains the key purpose and…
With 30 June rolling up fast, now is the time to implement end of financial year super strategies that will provide the dual benefits of contributing more to your retirement savings and less to the tax office.
It’s hard to believe another end of financial year is almost upon us. While we still have some time up our sleeves before the calendar ticks over to 1 July, now is the time to plan your end of financial year financial planning strategies. Here we discuss a number of superannuation and tax related considerations…
Building wealth effectively within superannuation is an important consideration for mining and resources personnel, particularly when a change in super legislation may be of benefit. 2018/19 is the first financial year you may be able to boost your superannuation balance by carrying forward unused superannuation concessional contributions cap amounts.
As you move through different phases of your life, it’s important to revisit your financial strategies including your insurances, super strategies, savings and cash flow, debt management and estate planning needs. Doing so could make an enormous difference to your long-term financial situation. Our 7 steps to financial success can help you stay on track…