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Superannuation

Superannuation can be a great tool for business owners, in enabling them to maximise their future wealth and reduce their tax burden.  A self-managed superfund can also be a good vehicle to purchase commercial business premises.

Let’s face it, retirement planning can never start too early.    You want to ensure that you have enough assets accumulated so that they earn you sufficient returns to fund your retirement. You may enjoy working, but working past your retirement date should be a choice rather than a necessity in order to survive.

In planning for your retirement, you need to ask yourself when you want to stop working and how much income you will need to live the lifestyle you would like. PJT Accountants & Business Advisors will evaluate your existing assets, consider your commitments and what mix of assets you want or need. We will then structure a plan to help you achieve your retirement goals.

As well as planning for your retirement, PJT Accountants & Business Advisors will structure your financial situation to protect your hard earned assets and manage the impact of taxation. Taxation has a significant effect on the long term value of your assets so it is important to get this right.

Superannuation may form an important part of your retirement plan, and we believe you should be actively involved in monitoring its performance. Superannuation should not be a set and forget strategy. Superannuation should be used to take advantage of the compounding effect of your earnings as well as the tax benefits it provides.

PJT Accountants & Business Advisors are experts in looking after your retirement and superannuation needs, and if appropriate for you, can set up your self-managed superfund and help you oversee its ongoing growth.

Click here to download the Planning for Your Retirement white paper.

Want to know more? Request a free meeting with a Business Advisor, or call us on 5413 9300.

Read more through our specialist superannuation news:

Single Touch Payroll

Single Touch Payroll (STP) is rolling out for all employers
1 July 2019.  For those with 20 or more
employees, you should already be reporting STP, for those with under 20
employees, below are a few tips to help make sure you are STP ready.

About Single Touch Payroll

Each time you pay your employees you will need to report the year-to-date salary and wage information, PAYG withholding and super information to the ATO.  STP does not change your payroll cycle or PAYG withholding and super contribution payment due datesFull details of mandatory and voluntary

SMSF – To upgrade or not to upgrade Trust Deeds

Trust deeds for a
self-managed superannuation fund are a legal document that sets out the
governing rules for the fund.

It is important to ensure Trust Deeds are up to date to
include the latest legislative changes.

Here is a timeline of the biggest changes in self-managed
superannuation fund’s history:

1999 – Conversion of ‘excluded funds’ to ‘SMSF’s, change
in preservation and in-house asset rules2007 – ‘Simpler Super’ reforms2017 – Sustainable Super reforms

Trust Deeds containing out of date provisions could have an
adverse effect on member benefits within the fund.

If your Trust Deed was

Federal Budget Impact for Super

Super contributions work test exemption extended to age 66

From 1 July 2020, individuals aged 65 and 66 will be able to make voluntary superannuation contributions without needing to meet the work test. Currently individuals aged 65- 74 must work at least 40 hours in any 30-day period (work test)in the financial year in which contributions are made in order to make voluntary personal contributions. The proposed change will alight the work test with the eligibility for the Age Pension which is scheduled to reach age 67 from

Sunshine Coast Accountants and Business Advisors