Did you know that you can access some of your super before you actually retire? The Transition to Retirement (TtR) strategy is designed to provide you with the benefit of a partial pension payment that supplements a reduction in working hours.
It’s not unusual for business owners to have competing priorities. Focused on sales and business growth, stock control or production cycles… the list is endless. It’s also not unusual for them to put their own financial plans to the side while they are engrossed in the business… but this can be detrimental to their long-term financial future.
Do you like browsing the web? Do you use your computer or your smartphone for transactions like banking, shopping or paying bills? Are you a regular user of social media, entertainment or other apps? It’s important that you understand how to keep your data safe and secure.
As you get closer to retirement, boosting your super balance is always at the top of the financial to-do list. If you happen to receive a financial windfall or sell a significant asset, applying the super contributions bring-forward rule could be a useful strategy.
If you are a business owner, it’s important that you are familiar with the Government’s small business capital gains tax (CGT) concessions. The concessions can offer significant financial benefits, depending on your personal situation and how long you’ve owned your business.
We talk about the importance of superannuation a lot. It is a critical part of making sure you are financially prepared for retirement. But there is so much more to it than just saving for the future… there are a lot of benefits that you can access if you are with the right fund and structure your super effectively.
In the May 2021 Federal Budget, the Government announced their intention to remove the superannuation work test rule as it has been difficult to police. But until that happens the current work test will remain the same. We take a closer look at existing rules and explain more about the work test exemption.
Who hasn’t dreamt about receiving a financial windfall? If you happen to find yourself with a significant amount of money arriving unexpectedly then it can be an excellent opportunity to create additional financial security.
Proactive business succession planning is critical, especially as an ever-increasing number of baby boomer business owners approach retirement. We take a closer look at succession planning and David Pitt discusses the role buy/sell insurance can play.
When it comes time to retire, you want the transition to be smooth and stress-free. It’s important to arm yourself with some knowledge of how taxation works within retirement and how different income streams are taxed.
