You have the right to arrange your financial affairs to keep your tax to a minimum – this is often referred to as tax planning or tax-effective investing. Future Assist offers Tax Planning as part of its advice process and has a team of accountants to ensure it aligns within the letter and the spirit of the law.
Working in conjunction with our financial advice team, we can model various investment strategies to help you grow your wealth, achieve your goals and minimise tax legitimately.
Firstly, getting professional advice from a tax accountant or a financial adviser will go a long way in ensuring that you don’t pay more than you need to. With that in mind seek out legal strategies for reducing your overall tax burden eg. Salary sacrificing or salary packaging, and for the right people negatively geared investments.
Tax minimisation is using legal strategies to reduce your personal tax burden, such as those mentioned in the previous question. On the other hand, tax avoidance is the use of illegal strategies or the non-disclosure of income that may have been earned from cash wages.
Tax effective investing includes a variety of strategies for reducing tax on your investments. Generally, tax effective investment provides deductions relating to interest expenses, asset depreciations, or neutralising tax effective structure.
Before considering salary sacrificing towards your super, it’s important that you understand your personal financial circumstance. Remember, you won’t be accessing your super until you reach your retirement age, therefore the true benefits of salary sacrificing towards your super are better understood as long-term. Salary sacrificing can be helpful, however you shouldn’t sacrifice your lifestyle because of it.
Generally, the first professional port of call for most Australians are accountants, however an accountant won’t necessarily be able to provide sound tax advice. Therefore, it is often better to seek advice from a licensed Financial Adviser.
Future assist can provide advice on various superannuation and SMSF tax strategies including: • Maximising concessional & non-concessional contributions • Maximising government contributions • Maximising other government incentives
We can also assist with restructuring of personal insurances to ensure optimal tax effectiveness and minimisation of personal costs.
You may be able to claim a tax deduction for various expenses including financial planning. In addition, each occupation differs in what can be claimed so its important to get sound advice. Various types of insurance such as income protection, TPD and life insurance can also be claimable independant of your occupation however this depends on how they are structured.
We provide advice and strategy on how can best make the transition to retirement when you reach preservation age. You still may choose to work part time and we can help to create a strategy to help minimise your personal tax and help you stretch out your superannuation dollars.
If you’re a high-income earner, have large employer super contributions or a combination of both, you may find yourself in the situation where you receive additional tax bills from the Australian Taxation Office after lodging your annual tax return. This is formally known as Excess Contributions Tax and Division 293 Tax Assessments. No one likes surprises from the Tax Office, Future Assist can help you plan your contributions for the coming year as well as provide advice on the options available to settle with the ATO.
Our clients enjoy proactive reviews, tailored investment advice, education and ongoing support to help grow your portfolio and help keep you tracking towards your goals.
We offer the first consultation free to ensure that you have all the information you need to
better understand your options before deciding if our services are the right fit for you.
“When we have needed something, Future Assist has been right there to help us through it.”T Pringle NSW