When it comes to making the most of superannuation, employers, employees and the self-employed face many hurdles. Using a Charter Towers financial planner can help you clear any difficulties and come out on top. We discuss strategies such as salary packaging, salary sacrifice, spouse super contributions, co-contributions from the government, a number of superannuation platforms and SMSF.
For employers we help you understand the many complexities of compliance and enable you to offer your employees real benefits and options that will provide long-term, positive outcomes for all your staff.
Contribution planning
Superannuation contributions fall into two groups: concessional contributions and non-concessional contributions. Concessional contributions are contributions paid by employers or the self-financing or self-employed before tax. These include salary sacrifice and superannuation guarantee contributions. Non-concessional contributions are personal contributions paid after-tax.
Our financial planners will help you with advice on how much you can contribute, when you can contribute, and the tax on those contributions, as well as strategies to maximise your contributions before retirement
Transition to Retirement
Would you like to reduce your working hours without reducing your income, or maximise your tax advantaged super contributions for retirement? In the past, you had to wait until retirement or until you reached the age of 65 to access your super. With a Transition to Retirement pension, those who reach age 55 can top up their part-time income using an ‘Income Stream’ set up from the savings in their super, whilst contributing via salary sacrifice to maximise their taxation and contribution outcomes.
Though there are some tax savings, a Transition to Retirement pension is complicated to set up and manage on your own. It is always best to seek advice from your financial planner.
Investment Advice
As tempting as it is to buy that yacht and sail around the world, your savings need to work hard for you, so you can relax and enjoy all your retirement years. Backed by the strong research, our expert investment advice and management service is a disciplined and structured system to invest your hard-earned savings.
Self-managed superannuation
There are many benefits to a SMSF – more control, more choice, tax benefits, and reduced administration costs. With the help of our financial planners you have the freedom to streamline your super towards your financial and lifestyle goals. The planners at Charter Towers are accredited to give advice on SMSF establishment, management and installment warrants within SMSF.
However, SMSF is not suitable for everyone, and your legal obligations are extensive with ongoing commitments that you will need to understand and follow if you wish to take advantage of the benefits of a SMSF. We review your circumstances and discuss all of the implications of managing your own fund to determine if it is the best structure for you before recommending a course of action.
How much
One of the most common (and most important) questions facing all Australians as they move towards retirement is “how much money do I need to maintain my lifestyle in retirement?” Working with our clients over a number of years, we establish goals, develop strategies and plan to maximise the amount of money they will have in retirement. Together we can help you achieve your financial goals, ensuring that you have the peace of mind that your hard work and savings will support you in retirement.
Estate planning
Some things in life are not planned. If something unfortunate were to happen to you before retirement, what would happen to your superannuation? Most people assume that their Will deals with these matters. It doesn’t. In most cases superannuation funds have their own death benefit policy. In the estate planning process we help you understand your options so you can direct all your entitlements to the right beneficiaries.