Strategic Financial Advice - Superannuation & SMSFs
Roy & Carswell Pty Limited is an authorised representative
of Merit Wealth Pty Limited ABN 89 125 557 002 which operates
under Australian Financial Services Licence No. 409361.
Too often, people ignore their superannuation or are simply unaware of the ways that it can be used to increase their overall wealth. The most effective superannuation strategies are actually the ones put in place in the years leading up to retirement, so don't wait until it's too late!
At Roy & Carswell we provide you with tailored strategies to ensure that you minimise your tax and maximise your wealth in retirement. We also provide advice on Self-Managed Superannuation Funds (SMSFs), including the establishment or closure of a fund.
Superannuation legislation is very complex, constantly changing and often misunderstood, but for those who persist the benefits can be quite significant. With Roy & Carswell you can expect personalised advice of the highest quality.
In formulating the best strategies for your situation there are many considerations. Questions that arise include:
• Can you reduce your tax by contributing or salary sacrificing into super?
• How much are you allowed to contribute?
• Should a contribution be made in your name or your spouse's name?
• Will you have enough money to get by if you make super contributions? If not, are you able to supplement your income via a Transition to Retirement Pension?
• Are you allowed to access your super? Should you?
• Will commencing a pension actually save tax?
• Are you eligible for the government co-contribution?
• Are you able to make additional contributions after the sale of a business?
CHANGES TO CONCESSIONAL & NON-CONCESSIONAL CONTRIBUTION RULES
A host of new superannuation rules took effect from 1 July 2017 including those relating to concessional and non-concessional contributions:
Changes to Concessional Contributions from 1 July 2017
Changes to Non-Concessional Contributions from 1 July 2017
Self-Managed Superannuation Funds (SMSFs)
An SMSF is a superannuation fund that you manage yourself. SMSFs are popular with those who want control of how their super is invested.
Benefits of running an SMSF include:
• Having control over investment decisions
• The ability of small business owners to purchase their business premises with super
• Greater investment flexibility
• The ability to pool your super with up to three other individuals
• Estate planning flexibility
• Effective tax management
Risks of running an SMSF include:
• It can be time consuming
• You may lack the skills required
• There are penalties imposed for non-compliance with super rules
• Life and disability insurance can be more expensive and harder to obtain
The administration costs of running an SMSF may be more or less than a large superannuation fund. Large funds generally charge you a fee as a percentage of your super balance whereas SMSF costs are usually fixed. Generally, the more super you have, the more cost effective an SMSF becomes.
For a more detailed explanation of SMSF features, including the benefits and risks, please view this SMSF Factsheet.
SMSFs are not for everyone. As an authorised representative of Merit Wealth we are able to advise you whether or not the establishment of a SMSF is suitable for your circumstances.
Michael Carswell is Authorised Representative 1243903 of Merit Wealth Pty Ltd, Australian Financial Services Licence 409361, ABN 89 125 557 002. View his Financial Services Guide.
Merit Wealth contact details
Post: GPO Box 4463, Sydney NSW 2001
Ph: 1300 785 611
Fax: 02 8916 4261
The content of this site is dated 2/8/2016 and has been prepared by Roy & Carswell Pty Limited – ABN 66 609 423 887, an authorised representative of Merit Wealth Pty Ltd ABN 89 125 557 002, which operates under Australian Financial Services Licence No. 409361. This information has been given in good faith and has where applicable been derived from sources believed to be accurate at its issue date. This information has been prepared without taking into account your objectives, financial situation or needs. Before acting on this information consider its appropriateness.