Contributing regularly to superannuation not only provides security for your future, it also provides an effective tax strategy as contributions are taxed at a lower rate when compared with your personal income.
A tax deduction for your superannuation contributions is made at tax time and contribution caps apply so it is important you stay below the maximum annual cap to avoid the penalty tax.
Cash flow and access to funds when income fluctuates is a major consideration for people who are self-employed or small business owners.
A plan must be created to identify what is needed for ongoing expenses, what should be done with surplus income, and what options are available for your particular needs.
Superannuation is not the only option available to provide for your future.
A diverse investment portfolio can provide additional income or build towards your retirement goals.Optimizing Retirement Plans for You and Your Business: We will help identify different types of retirement plans that make sense for your business and what their potential benefits are.Types of Retirement Plans May Include: Finalize and Implement: We will communicate with your CPA and attorney to help implement the appropriate strategies.Savings in tax payable by increasing contributions each year can have a huge impact on your retirement when you consider the effects of compounding interest over a working life.Estate planning is a topic a lot of people put off.Discovery and Business Analysis: We embark on a discovery period to fully understand your business and identify areas for financial opportunities.Evaluate Corporate Structure: We will work with your CPA and attorney and evaluate the effectiveness and benefits of your corporate structure.You may be paying too much tax currently, or you may be required to pay Capital Gains Tax (CGT) on the total sale of the business if it is not structured to meet your needs.Superannuation contributions can also play a role in reducing the amount of tax paid while contributing to your retirement savings.The main insurances we provide people who are self-employed or run a small business are income protection, business expense cover, key person insurance and buy/sell insurance.Business structuring and strategy can make a big difference when you pay tax annually or decide to sell the business in the future.