One of the hardest things about running your own business is changing your mindset from what works for employees to what works for employers. Employees are usually paid for their time, and so they use time to measure how much work they get done. For the person owning the business, time is the wrong metric.
If you run a small business, or if you are thinking about doing so, then that business needs to be the foundation of all of your financial planning. After all, get the business right and you make all the other parts of your financial plan – your investing, your debt management, your super, your insurances – much more likely to succeed. This article gives you a little illustration of the powerful impact that effective business planning can have.
Until now, salary sacrifice has been one of the only ways that an employee can make an extra tax-advantaged contribution into their super fund. But that changed on 1 July 2017. Now, almost everyone can make additional contributions without their employer even knowing – which might come in handy next time you ask for a pay rise!
Recent changes to the assets test have increased the rate at which the aged pension is reduced when assets exceed a certain level. This has led to what some people describe as a superannuation sweetspot. Hitting this sweet spot can make a big difference to your retirement, so read on and contact us if you would like to discuss how you can hit your own sweetspot.
As the financial year draws to an end, our thoughts turn to the next one. Superannuation will look quite different in 2017/2018, and so we want to start the new financial year with a summary of the various rules that apply to your super. Please feel free to download our ‘Super summary’ and send it to anyone you think would benefit from it.
Compared to previous years, the 2017 Budget was a bit of an anti-climax. In previous years, there have been a number of big-ticket changes - such as the big changes to superannuation that we have been discussing in recent articles. But this year there have simply been a whole lot of small changes, some of which will be of benefit and others will represent a small loss.
The 2016 Federal budget introduced a number of changes to superannuation. Many of these changes take effect on 1 July 2017. This week’s article follows on from our article of a fortnight ago. We continue to explore the coming changes and how you can ensure you are prepared for them. We hope you enjoy it!
The 2016 Federal budget introduced a number of changes to superannuation. Many of these changes take effect on 1 July 2017. This is just a few weeks away, so this is a good time to review the changes and decide if you need to make any adjustments to your super to minimise any negative effects of the changes.