Self-managed super fund (SMSF) has the words "self managed" in it but you don’t have to do it all yourself and if you are busy it is usually counter productive and just plain bad strategy to do it alone. A recent Investment Trends report suggests around 40 per cent of SMSF owners seek advice from a financial adviser and close to 100 per cent use an accountant or specialist administrator to assist with the compliance obligations such as tax returns, minutes, member statements, managing contributions and pensions.
Retirement and superannuation are always a topic of conversation for our small business clients. Paris Financial are pro-active in our approach with our small business owners and through discussion and planning we can advise our clients on how they can utilise the small business “retirement exemption” to make up to $500,000 in additional superannuation contributions and also save on tax.
The Reserve Bank is joining the global race to record low interest rates, current cash rate is 1.50%. However rates are currently 0.5% in the US and negative interest rates in Japan! These are strange investing times, and our clients are continually seeking a better return on their investment funds.
The majority of property investors look forward to tax time, gathering their information together as quickly as possible so they can get in to see their accountant and receive their tax refunds from their negatively geared properties, but what if I told you that you didn’t need to wait until tax time to get this money?
Long gone are the days of preparing a will and locking it away in the safe or bottom drawer! Whether it be at the completion of this years’ tax return, or when you change the batteries in the smoke detector, every year you should dust off your estate plan and update it for the inevitable changes that most likely will be needed.