Identify and tailor superannuation strategies to optimise tax concessions and wealth accumulation objectives.
Importance of superannuation
For many people, superannuation is their main form of income when they retire. That’s why it’s important to have superannuation savings and to add to it when you can so that you’ll have enough money to live on when you retire.
Superannuation has become increasingly important as successive federal governments realise that the age pension cannot provide adequate retirement income for all Australians.
Also, since the COVID-19 pandemic, superannuation fund returns have been hit hard and many people have had to postpone or change their retirement plans as their superannuation provisions are no longer sufficient to meet their retirement income goals.
Superannuation can also be a tax effective means for providing death and disability insurance, within certain limits. Premiums for personal insurance cover via a non-super policy are generally paid with after-tax dollars.
Self-managed super funds
In a volatile market, people often set up a self-managed super fund (SMSF) thinking that they can do a better job on their own.
Whilst a SMSF can be cost effective and give more flexibility and control over tax outcomes and investment choices it is important to take an overall view when deciding whether a SMSF is better for you.
Our accounting team can set up and manage your SMSF.
Actively managing your superannuation
Whether your superannuation is a self-managed fund or an industry fund, it is still your money and needs to be managed to meet your stated goals and objectives.
Your advisor and support team will work with you to: develop and implement a plan that will enable you to meet your goals and objectives ensure your plan reflects and changes to your goals or financial situation assess whether your personal insurance cover is adequate see how you are tracking against your goals keep up updated on regulatory changes that may impact you.
Everyone’s circumstances are different; with tax considerations, long-term financial goals and risk profiles to be considered.