Dealing with competing priorities to be June 30 ready What a beautiful rain our area has had, I’m hoping that everyone got most of what they wanted. It could be said that the rain came just when the forecasters predicted it – they did say a wet autumn followed by a wet winter. Many of…
Achieving tax efficiencies and making the most of your personal or business cashflow is all part of well-considered financial planning. However, you’ll need to plan ahead at tax time.
Retirement and aged care financial planning is complex, but even more so for farming families… Typically, the net worth of the retiring generation is tied up in the property and farming business, there is limited superannuation savings that can support retirement and aged care needs, and often no entitlement to social security safety net benefits.…
When it comes to SMSFs and your end of financial year obligations you could try to wing it by yourself but you might find yourself facing a raft of ATO imposed penalties.
If you have put your super planning ‘out to pasture’ due to the competing demands on excess cash associated with running a family farming business, your super balance may not be in tip-top shape.
But making contributions to super just got a whole lot easier… You can now ‘carry-forward’ unused pre-tax contribution amounts from 1 July 2018, allowing you to catch-up your unused super contributions for up to five years. Coupled with the existing rule allowing you to ‘bring forward’ your after-tax contributions to super, you now have real opportunity to boost your super to build your savings for your retirement.
With multiple demands on limited resources, managing personal and business finances for farming families is always a balancing act. When you have debt or equipment that needs to be replaced, how do you prioritise putting any excess funds away into super? But if you want to have a tax free efficient income in retirement, you…
On Tuesday 9 May, the Federal Government handed down its Budget for the 2017–18 financial year. According to Federal Treasurer Scott Morrison, this year’s Budget is founded on the principles of fairness, security and opportunity. Mr Morrison claims that the government’s proposed measures will raise almost $21 billion in revenue over the next four years,…
With many of the changes announced in the 2016 Federal Budget now passed by Parliament, there is an amount of certainty that you can have when approaching your SMSF planning and the contributions you might wish to make to your SMSF. The Government is lowering both the concessional (pre-tax) and non-concessional (after-tax) contribution limits from…
When many people think about financial planning, they think it’s all about savings and investments, but there are many other facets that everyday Australians need to take into account when considering their overall financial situation. Statistics reveal that one in four people living in rural and regional areas is suffering from cardiovascular disease and men…
While it’s easy to be consumed by the everyday demands of working in your rural business, the importance of planning your financial future, including selling your rural business and planning your retirement should never be underestimated. The importance of early planning As a financial adviser who has worked with farming families for more than 30…