If a business owner said to you that they run their business without a budget, what would you think? You’d think they were incompetent. Or perhaps lazy? Or both? But what do most families do? When you think about it, a family is actually a mini business. There is income, there are expenses and there […]

Whether you are in your 30’s, 40’s or 50’s now is the time to prepare for a comfortable retirement. Unfortunately we meet with a lot of people where time gets away from them and they leave the panning too late. Did you know; 1.              That a male retiring at age 65 – will spend 23 […]

Based on the M.L.C. Quarterly Australian Wealth Sentiment Survey women are very concerned with regard to having enough money in their retirement.   Men on the other hand are less worried about having inadequate funds in retirement but are more concerned about missing out on investment opportunities.   Both genders appear equally concerned about savings […]

Purchasing commercial premises using your superannuation can be a financial rewarding investment strategy.   By way of background, since the 1980’s people have been managing their own superannuation. Unfortunately, in the 1980’s the only investments were shares or cash. Not many investors had accumulated sufficient cash in their superannuation fund to purchase property, certainly not […]

When you establish a SMSF you need to decide on the trustee structure. You can choose from either of the following; up to four individual trustees, or a corporate trustee  In the case of individual trustee of the Self Managed Superannuation (SMSF) there can be no more than four members and each member must be […]

In Taxpayer Alert 2012/7 the Australian Taxation Office warns Self Managed Superannuation Fund (SMSF) trustees and adviser to exercise due diligience and care.  If a poorly executed investment leads to contraventions of the SIS Act the trustee may face disqualification, prosecution and penalties notwithstanding the trustee’s (mum and dad’s) lack of involvement in the transaction. […]

In a recent study AMP.NATSEM 33 – The Cost of Kids, the report looked at the cost of raising Australian children.     The findings of this report can be summarised as follows:     1.   It costs a typical middle income family $812,000 to raise two children from birth until they leave home. In […]

Superannuation legislation allows Self Managed Superannuation Funds (SMSFs) to borrow to invest provided certain conditions are satisfied. If you are a business owner, you may now be able to use your superannuation and borrow to buy your business premises within your SMSF. This arrangement offers some advantages: Your SMSF receives all income and capital growth, […]

According to the ASFA Retirement Standard June 2013 quarter, below is the annual budget needed by Australians to fund a comfortable standard of living in their retirement years.     Expenses ASFA Modest Standard of Living ASFA Comfortable Standard of Living Housing – ongoing only $59.40 $83.14 Energy $54.64 $56.62 Food $153.92 $191.07 Clothing $29.15 […]