Areas of Advice
We all need to plan for our future goals that are important to us during our lifetime. RFS advisers are well qualified to discuss with you the many varying strategies to accumulating wealth, which may include
- Regular saving program
- Dollar cost averaging
- Taxation planning
- Debt reduction
- Borrowing to invest (gearing)
- Managing Risk
- Utilising superannuation
Tax Planning is simply adopting certain legitimate strategies available that meet your individual financial and lifestyle goals whilst importantly, delivering the greatest tax advantages to you.
There are numerous tax planning strategies available. However, not all tax planning strategies may be effective when applied to your individual circumstances. The financial advisers at Results Financial Services can take into consideration your needs and objectives and devise an effective tax planning strategy tailored for you.
Wealth creation is the part of your financial plan that helps you build the assets to meet your financial goals. Your goals may include saving for your children’s education or a future overseas holiday, or having enough money to live comfortably when you retire.
Wealth preservation (risk insurance) helps you protect your ability to create this wealth. Your wealth creation plan will be based on the assumption you’ll stay healthy and live to a certain age. But there may be unforeseen circumstances which can impact your plans. Risk insurance may help you to continue meeting your financial goals if you lose your ability to work or suffer a serious illness.
Risk insurance shifts the financial burden created by personal risks to insurers who can afford to cover them by pooling the premiums paid by their customers. It provides peace of mind that you and your family are financially secure by paying an ongoing income if you can’t work because you’re temporarily or permanently disabled, or if you die.
Super is one of the most tax-effective ways of saving for your retirement. The maximum rate of tax you’ll pay on your earnings in your super fund is 15% and you’re not charged tax on withdrawals from super once you turn 60, whereas earnings on your normal savings outside super are taxed at your marginal tax rate, which can be anywhere up to 46.5% including the Medicare levy.
While you can shift your super between super funds, just remember contributions to super are almost always compulsorily preserved. This means that you generally can’t withdraw the funds until you are over 55 (increasing to age 60 if you were born after 1 July 1964) and meet a condition of release.
Retirement planning ideally begins to take place many years prior to finishing work in order to ensure your goals for retirement are adequately met and importantly, remain so during your life time.
This type of planning has never been so important with the aging of our population and declining birth rate, the ability of the Government to provide a safety net in retirement will be servery limited in the future. This has recently been illustrated with the announced increase in the eligibility age for the Age Pension.
Together with our financial advisers, you can ensure that your goals are met and that you have adequate income during your retirement. This may be in the form of increasing government entitlements and introducing tax efficiencies together with other various strategies available at the time.
Estate planning is about more than just preparing a valid Will. It’s about making sure your family is provided for and that your assets go where you want them to after you die.
A good estate plan will:
- Ensure the ownership and control of your assets passes to your intended beneficiaries in the right proportions.
- Minimise tax payable on the income and capital gains earned on those assets.
- Protect assets if a beneficiary is involved in any legal difficulties (for example, bankruptcy or divorce).
- Essentially, a good estate plan can provide you with peace of mind and help avoid potential complications for your beneficiaries.
self managed superannuation fund
Do-it-yourself super via a self managed super fund (SMSF) is becoming an increasingly popular choice for investors who want to have control of how their super is invested.
However, if you are think of leaving your public offer fund to get better returns or other benefits from your own super fund you should discuss your options in detail with your financial adviser. It’s important that you know exactly what will be required of you from an SMSF administrative and compliance perspective.
centrelink / dva
There are a number of different Social Security payments and entitlements available.
Below outline some of the more common allowances, pensions and benefit cards.
Disability Support Pension
Health Care Card
Pension Concession Card
Commonwealth Seniors Health Care Card
Department of Veteran Affairs (DVA)
War Widows Pension
Income Support Supplement
Pensioner Concession Card
Repatriation Health Card (white/gold)
Working in conjunction with one of our financial advisers – will ensure that you are able to maximize your entitlement to Centrelink and DVA benefits.
Redundancy is a very complex issue, not only do the different types of payments have varying implications, but there is the personal issues of being without employment and what is the best strategy to adopt given a persons personal and financial circumstances.
It is imperative that people who find themselves in this situation seek immediate professional help. The advisers at Results Financial Services are experienced in redundancy planning and are able to clarify the issues concerned and provide much needed advice.