Holding assets in your personal name v holding assets in super – why super wins
There are many ways to improve your retirement savings that are not dependant on the performance of investment markets or the type of investment you prefer to hold. For example, where you hold your investments can make a vast difference to your retirement savings. Many Australians prefer to hold their investment assets in their own personal names, for various reasons. Holding investments in your own personal name means the tax you pay on income and capital gains earned from the investment is taxed at your marginal rate of tax. For example, if...
read moreTransition to retirement – how to make your investment income tax free
Many Australians are choosing to work longer these days, not necessarily because they have to, but many people are choosing to because they wish to keep their minds active. For those who choose to continue working, there are several ways that they can use this to their advantage to boost their retirement benefits, and even to remain on the same income if they reduce their working hours. An effective and simple way to increase your retirement savings, while also reducing your tax bill is to sacrifice your salary to superannuation. For a...
read moreAre you contemplating selling your business?
For many small business owners, their business represents their retirement savings. For these owners, money has been used to expand the business, leaving little to put aside for retirement. For those who are approaching retirement, and thinking of selling your business, there are possible concessions you should be aware of. Small business concessions – Case study If you own an eligible small business, you may be entitled to generous tax concessions on the sale of your business if you direct your proceeds to superannuation. Janice is 55...
read moreBusiness succession planning – do you have one?
Most business owners have a long term objective for their business, but few have a succession plan. Some view their business as a major component of their retirement savings, while others wish to pass on their business to the next generation. But what would happen in the event of premature death or disability? Business owners should try and answer the following questions: If you or any of your partners were to sell your share of your business tomorrow, how much would you want and under what terms? Who will look after the business in the...
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