Financial confidence in retirement
Australia’s compulsory super scheme has been around for nearly 30 years. So why do many retirees feel financially insecure?
Australia’s compulsory super scheme has been around for nearly 30 years. So why do many retirees feel financially insecure?
If you have self-managed super, make sure your superannuation investment strategy is reviewed regularly and any discussions, decisions and changes, including those around insurance are well documented. These are required for audit purposes.
The question most often posed to financial planners and accountants is: ‘How much money will I need to retire?’ The answer is not simple. But there is a basic formula for success. And that is, to plan your retirement well in advance.
With the government changes to superannuation looming, changes which mean insurance in an ‘inactive’ super account (one you haven’t made a regular contribution to in 16 months) will be cancelled by 30 June unless you opt to retain it.
A raft of new changes to superannuation come into effect at the end of this financial year – one in particular affects the insurance cover within your superannuation. As a result of the Royal Commission into Finance and Banking last year, the Federal Government introduced the “Protecting Your Super” package of reforms, which have been passed by Parliament.
With the federal election only weeks away, tax is one of the main talking points from both the major parties. The problem is, there’s a lot of rhetoric, debate and conjecture as each tries to find a point of difference … and not much in the way of real tax policy.
With the end of the Superannuation Amnesty and Single Touch Payroll being introduced by the ATO across the full spectrum of small business, you need to ensure that you have good payroll and accounting software.
Business advice, tax strategies and financial planning are all key components for working towards a comfortable retirement.
Don’t forget your super. It’s vital for your retirement. But between now and then, it can be used to grow your business. Is this the right strategy for you?
Managing super payments to your employees and contractors can be overwhelming. But from matching super payments to cash flow through to using sophisticated cloud based systems, we’ve got some useful tips to make life easier.