Take control of your super

 It can be hard to think about your Superannuation and long term financial goals when retirement can seem so long way away. Ask any person approaching 50 and they’ll agree that they should have paid more attention to their Superannuation earlier in life.  But, all is not lost. Making a few simple changes now, can make a dramatic difference to your lifestyle when you finally do hit retirement.

Start to get to know your super

 It is actually yours! But are you aware of its current balance?  Superannuation can be a very complicated topic and for many Australians it will represent the largest asset outside the family home.  For this reason alone, it makes sense to get to know what your current balance is, which funds you’re with, and the types of investments that you hold.  Consolidating multiple super funds is the easiest way to save on un-necessary fees and its something you can do right now.

Strategies for every stage in life

 You don’t need to be a millionaire.  Even though starting early will reap the biggest rewards, it’s never too late to build a better future, so if you haven’t paid a lot of attention to it – it’s not too late to start now.  Retirement will mean different things to different people.  A person in their twenties will have a different strategy to someone in their 40s.  But you’d be surprised to see how much difference a little involvement in your Superannuation could make towards your lifestyle when you retire – so the motto is be involved.

So you’re just starting out

 You hear it all the time – but although it’s probably one of the things that is further down your priority list, you can relax,  just  a small additional contribution now could mean a real boost to your Superannuation balance and lifestyle when you do retire.

Make sure you get an understanding of your entitlements too. You may be entitled to further boost your Superannuation through a Government Co-contribution.

With time for compound interest to do the work for you, even small contributions can grow (and grow…that’s the compounding part..!)

Think about taking a little more risk – you have the time and a high-growth investment strategy might be right for you.  Whilst this type of strategy may be riskier in the short term, with many years before retirement to ride out market fluctuations, it may prove to be a prudent choice.

Creating Wealth

 At this stage in your life you have started accumulating wealth through investments and may even have a family.  It can be hard to juggle all your financial commitments, although paying close attention to your Superannuation now may prove to be a wise decision as retirement is not actually that far away.  As time to retirement decreases, it may be worthwhile to review your investment strategy and take a more conservative approach – because you don’t want to risk losing what you’ve already gained.

 Retirement time

 You might have stopped working, but your Superannuation shouldn’t.  It makes sense to leave your money in Superannuation for as long as possible to maximise your retirement benefits.  Dependant on age, your Superannuation can start working for you as regular income or in lump sums.  With Superannuation changing constantly, it pays to keep up-to-date with what’s going on. The great thing is, at this point you have the time to take a firm interest in any changes that could affect you.

What about Self Managed Super Funds (SMSF)?

 Self managed super isn’t for everyone, but it can provide investment options and benefits far out of reach to most funds. Having a good financial adviser means you don’t need to be a genius to make SMSF work for you.

Firstly there is the control – the ability to take control of your own investment decisions is what drives most people towards an SMSF.

Through the control over investment choice, SMSF trustees have the ability to purchase investments that may have been restricted in their existing fund. This may range from direct shares or direct property all the way through to gold bullion or rare collections (which are known to have generated good returns). For business owners an SMSF may even own the business premises and lease these back to the business.

 There can be Tax Advantages – An SMSF allows personalised strategies to effectively manage tax. Some strategies include but are not limited to:

  • reducing contributions tax to zero,
  • reducing tax on investment income to zero, and
  • reducing tax on capital gains to zero.

These are not catered for in a retail or industry fund, as the trustee does not keep your personal situation in mind when making its decisions.

 Estate Planning – An SMSF has the ability to provide an effective estate planning vehicle which can retain wealth for future generations. An SMSF does not stop when you retire, nor does it necessarily stop upon a member’s death. In fact through the use of prudent trustee structures and investment strategies, an SMSF may continue almost indefinitely over multiple generations.

Personal Insurances – By placing personal insurances such as Life, TPD and Income Protection inside an SMSF, you may be able to free-up personal cash flow for alternative uses. Furthermore, an SMSF may be able to claim a tax deduction for policies that are otherwise not deductible in a personal situation.

What do I need to know before starting?

 In order to realise the benefits that come with managing your own Superannuation, you must also accept a level of responsibility. Your Financial Adviser, along with your fund Administrator/Accountant, can guide you through the requirements.  This responsibility mainly involves the realisation that:

  • You do not have direct access to the money in your Superannuation fund and it must be held within the trust until you can access it on the advice of your Financial Adviser or fund Administrator/Accountant.
  • The sole purpose of the Superannuation fund must be to provide for your retirement benefit. Generally, you cannot enjoy a benefit from the investment, and investments must be for commercial purposes.

Want to know more?

 Talk to us. The superannuation team at Anne Street Partners have the knowledge to help you with complicated superannuation topics every day. We can guide you along the way and assist you with setting up the right fund or reviewing what you have. We’re here to help.

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In this day and age financial planning is so important. But many of us instinctively opt for live for the moment philosophy. We often think of this as a dull subject, but planning your financial future need not be! By doing so you can do something exciting such as travelling or plan further and ensure you have a rewarding retirement.

Financial planning is a process, which essentially is about setting achievable goals. Taking a look at your own financial resources and looking at your financial needs. From here you can make a suitable financial plan. This plan will help you make wise decisions and help you save for those goals you have made. Our team have years of experience in helping people achieve their desired goals, no matter what your situation is.

This planning can have many benefits. It can help you make wise decisions, if done properly, preventing unwise decisions such as spending beyond your means. In the age of consumer credit it is so easy to get off track.

Financial planning has never been so important. With various things going on in your life, it is an invaluable tool at any age. There can be many objectives to financial planning, which can include: –

  • Getting out of Debt – Often this is one reason why people start financial planning. To access their financial situation to be able to fund actual cutting of debt. Often with a simple bit of planning it is possible to ease the burden.
  • Financing Higher Education – A vital moment in life,  saving for a child’s education. With the rising costs of education, this is an important objective.
  • Mortgages – Buying a home is another costly milestone. It is now getting harder to get a mortgage requiring larger deposits. But with some careful financial planning home ownership can still be a reality for many.

Of course there are other reasons for financial planning. You don’t have to wait to get into debt or face difficulties. The old saying prevention is better than cure could be applied too. Put some money aside for expected big purchases, maybe you are considering a major house repair in a few months time or wanting to take a holiday.

Not only can effective financial planning ease the burden but in the long run could save you money and enable you to plan for your retirement.

Financial planning can seem to daunting and you may not always be so sure that you are making the right decision if it is something you have never considered before.

By getting this assistance of a financial services company they can help you every step of the way. Giving you the right advice will help you make profitable decisions about your future.

For more information on financial planning to suit your needs, please give our team a call freephone 134 977 today!

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It’s a big hurdle, stepping onto the property ladder for the first time.It may even seem at first to be a mission impossible. But there are ways that you be make your first home ownership a reality. With some good sound financial advice and some choices you could be on the path to purchasing your first home.

1. Tracking your money

This is a big one. Actually monitoring your expenditure can help you save faster for your new home. This can actually help you record and monitor what you spend and more importantly where you can save money.

2. Look at your bank accounts

Make sure you are maximizing the saving and capital you have so that your bank account can work harder for you. Could there be a bank account that has a higher interest rate?

3. Renting a smaller place

Ask yourself, whether you could afford to rent a smaller place. Spending less on rent while you are saving for your first home, could lower your rental payments and enable you to accelerate your savings quicker.

4. Look at your bills

By simply paying your bills on time, could save you money on charges and other costs. By paying for them through a debit account rather than by credit card will save you even more. Consider a direct method that doesn’t attract an admin fee.

5. Grants

Are there any grants or other schemes to help home owners? There maybe some schemes in your local area that might help you.

6. Loans

Look at loans, make sure that you are getting the best deal. Simply by getting your interest rate down even a fraction could equate to much lower monthly repayment.

7. Taxes

Ask yourself is there any way you could make the tax system work to your advantage. Could you claim some taxes back or pay a lower rate?

8. Budgeting

By planning your finances better, you could be saving a lot of money in the long run. Perhaps you could set yourself a monthly budget, and then stick to it.

9. Saver Accounts

There are many savings schemes out there that can be your savings work harder. With a variety of savings and investment products you could find a way to boost your savings a little more.

10. Stamp Duty

There maybe an actual saving on stamp duty. This would actually help reduce the actual cost of home ownership.

No matter what your needs are with your new home, with a little bit of financial planning and sound financial advice you can get there. Here at Anne Street partners, we can help you every step of the way – from planning your finances to helping you find investment products to suit you.

Give our team a call today and find out more!

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Australian wealth management provider Anne Street Partners has bolstered its growing Self Managed Super Fund (SMSF) division with four new strategic appointments to complement the existing team and provide taxation services for its SMSF clients.
Peter Kennewell, Paul Fewster, William Stuart and Ben Wallace have joined the Anne Street Partners team in direct response to increasing demand for an end-to-end SMSF solution.

Michael Adamson, Chief Executive Officer, and Anne Street Partners said: “The new appointments allow us to offer a one-stop-shop of SMSF capability, which facilitates a holistic approach for our clients. We understand that every Australian is looking to get more from their super and that’s exactly what we offer.”

The highly qualified recruits bring a wealth of tax and accounting experience in the highly specialised SMSF arena and are well respected in the industry. The expansion of the team will enable Anne Street Partners to further develop our high level of service and deliver a comprehensive range of services.

This expansion demonstrates our commitment to setting up, administering and managing a superior SMSF solution. It underlines our promise to enhance our proposition of value for money and achieving results”.

Anne Street Partners is an Australian wide wealth management provider with branches in Sydney, Melbourne, Perth, Adelaide, Brisbane and Newcastle. With over two decades of wealth management experience, it offers a range of solutions including: financial planning, tax solutions, estate planning strategies, direct property investment, risk management and asset protection, retirement solutions, superannuation and managed funds.

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