Anne Street PartnersIt is a question we get asked a lot here at Anne Street Partners. There is no exact science or right answer. Generally, the earlier the better! But it is not always something that is in the forefront of your mind as a young adult- especially when travelling or socialising is a key thing to do at this age.

Building wealth and planning for retirement shouldn’t be seen as a scary or daunting thing to do. Once it is organised, it can be easily managed and looked after. The most important thing is just to do it – once the process is started it is much easier.

The team at Anne Street Partners have a few tips to help navigate through pension planning!

  • When you start a new job, find out about the company’s pension scheme. Superannuation is one element, but often a company will have further incentives to this.
  • Consider whether Superannuation will be enough for you in retirement. It is wise to not just rely on one revenue stream, but look to build wealth in other areas.
  • Rather than allowing money to slowly gain interest in the bank, think about investing it in property, shares, bonds or even a business that makes you money each month.
  • Speak to family and friends, gain their knowledge and see what they do to save and build wealth for retirement each month.

If you are thinking about pension planning give us a call and speak to one of our team! We can help you plan out your finances and get the most from your retirement.. however long away that may be.

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Anne Street Partners attended The Newcastle Home Show on 26th – 28th of July. The event was incredibly well received, with a busy weekend for Anne Street Partners – kicking off the first round of three major home shows we are attending in 2013.

Our clean and fresh looking stand quickly established a professional and our competition for $50k off your home loan was exceptionally well received, with many happy entrants using iPad entry technology to enter the draw.

The Anne Street Partners Newcastle team were in attendance to field queries, answer questions and promote the Anne Street Partners difference to the local community. In addition, they inflated nearly 1000 balloons over the three days – turning the Newcastle Entertainment Centre into a “sea of orange”

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The term “tax risk management” is usually used in reference to large corporations and simply refers to a deliberate strategy to minimize tax liabilities while complying with all relevant laws and procedures. But putting strategies in place to manage tax risk is a smart idea for small businesses and individuals as well.

In large enterprises, the board of directors, management and other key players must come together to develop the best tax risk management strategy. For smaller organizations or individuals, this could be a one-person assessment of issues and risks.

Risks examined involve uncertainties in tax laws and how to deal with them as well as financial reporting decisions, how acquisitions are handled, tracking sales properly and a host of other issues.

Since an ATO audit can be costly and time-consuming, the primary tax risk to consider is proper compliance with tax laws. A tax professional can’t accurately prepare a return for a company or individual without a complete understanding of how the numbers provided were reached.

Like so many other aspects of business, tax risk management simply comes down to making a plan, following it and constantly reassessing this plan to make sure it complies with all laws, takes into account all eventualities and adequately serves the needs of the person or the organization.

Without good planning, the person or organization is open to undesirable and unnecessary risk — and this kind of risk is a bad business decision.

For advice and strategy, get in touch with our team at Anne Street Partners today and speak to one of our friendly team on 134 977 

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