-
Innovative Financial Advice – Holistic Advice – Client FocusedAbout UsInnovative Financial Advice –
Holistic Advice –
Client Focused
-
Innovative Financial Advice – Holistic Advice – Client FocusedAbout UsInnovative Financial Advice –
Holistic Advice –
Client Focused
With you along the way
At High Street Wealth we work with you along the way on life’s journey.
Whether you are getting married, starting a family, embarking on the trip of a lifetime or planning to enjoy your years after work,
we can help.
Superannuation
Wealth Protection
Retirement Planning
Debt Management
Tax Minimisation
Estate Planning
SMSF
Wealth Creation
Our Services
Superannuation
What is superannuation?
Superannuation (or super) is a fund specifically designed to help you save and invest for your retirement. It’s restricted as you generally can’t withdraw from super until you retire or reach your preservation age (that’s the intention, although there are special conditions of release). And super funds are set up as trust funds. This means a trustee is appointed to manage the fund on behalf, and for the benefit, of its members. Super receives special tax treatment compared to your other money. When it comes to investing over the long term, there aren’t many better tax-effective ways to save for your retirement. Lower taxes and more investment options – such as local and international shares, property and fixed interest investments – offer your super more potential to grow.
Why do I need super?
- Super is compulsory for employees. Superannuation Guarantee (SG) contributions** were introduced to help us take control of our retirement.
- The next step is to use our AMP super simulator to see how you’re tracking and determine what strategies you can use to reach your goals.
** Deposits into a super fund are called contributions.
Advantages of super
Super opens your money to the world of investment markets and you can choose how it is invested. Money in super is taxed in different ways to your other investments. It’s designed to reward you for investing for the long term. Your insurance premiums, which are part of your super contributions, may be paid from your pre-tax salary, which is a tax-effective way to enjoy the protection you and your family need.
How does my super work?
The most common type of super is an accumulation fund, which is like a managed fund or investment. The main difference is the advantageous tax treatment on contributions and earnings which your money enjoys until you retire. If you have a lot of assets and have the time, you may want to consider a self-managed super fund to take control of your super.
Making a contribution
Deposits into super are known as ‘contributions’. There are two types of contributions. They can be made from your:
- pre-tax income (concessional contributions) and
- post-tax income (non-concessional contributions).
Generally, concessional contributions (made from pre-tax income) attract a contributions tax of 15%, which can be significantly lower than your marginal tax rate. Tax on non-concessional contributions (made from post-tax income) does not apply. However, there are caps on both these types of contributions which vary depending on your age.
Benefits
- Earnings in super are taxed at up to 15% (and only 10% on capital gains), which is lower than most people’s marginal tax rate. If you start a pension at retirement then the tax on earnings in super reduces to nil.
- If you withdraw after age 60 your money is tax free.
- You can withdraw your super balance (the benefit) when you reach your preservation age. This varies depending on your birth date. By 2025 everyone will have a preservation age of 60.
- There are different tax treatments on lump sum payments depending on the size of the benefit and the age and service period of the member.
- Money invested after July 1999 is fully preserved, which means it can’t be accessed until you reach your preservation age.
More flexibility
- Super is becoming more flexible with more strategies and ways to reach your retirement goals:
- The government’s co-contribution scheme is designed to help low to middle income earners get more into their super.
- Concessional contributions can be used to reduce your tax.
- A transition to retirement strategy means you can still work full time or part time after your preservation age and still contribute to your super.
- Self-managed super funds allow you to take even more control of your super.
High Street Wealth, Financial Planners in Kogarah provide superannuation advice. Contact us on Phone 1300 034 087.
Superannuation
Superannuation is a way to save for your retirement. You build up super while you are working to make sure you can have a comfortable retirement.
Read More....
Superannuation
What is superannuation?
Superannuation (or super) is a fund specifically designed to help you save and invest for your retirement. It’s restricted as you generally can’t withdraw from super until you retire or reach your preservation age (that’s the intention, although there are special conditions of release). And super funds are set up as trust funds. This means a trustee is appointed to manage the fund on behalf, and for the benefit, of its members. Super receives special tax treatment compared to your other money. When it comes to investing over the long term, there aren’t many better tax-effective ways to save for your retirement. Lower taxes and more investment options – such as local and international shares, property and fixed interest investments – offer your super more potential to grow.
Why do I need super?
- Super is compulsory for employees. Superannuation Guarantee (SG) contributions** were introduced to help us take control of our retirement.
- The next step is to use our AMP super simulator to see how you’re tracking and determine what strategies you can use to reach your goals.
** Deposits into a super fund are called contributions.
Advantages of super
Super opens your money to the world of investment markets and you can choose how it is invested. Money in super is taxed in different ways to your other investments. It’s designed to reward you for investing for the long term. Your insurance premiums, which are part of your super contributions, may be paid from your pre-tax salary, which is a tax-effective way to enjoy the protection you and your family need.
How does my super work?
The most common type of super is an accumulation fund, which is like a managed fund or investment. The main difference is the advantageous tax treatment on contributions and earnings which your money enjoys until you retire. If you have a lot of assets and have the time, you may want to consider a self-managed super fund to take control of your super.
Making a contribution
Deposits into super are known as ‘contributions’. There are two types of contributions. They can be made from your:
- pre-tax income (concessional contributions) and
- post-tax income (non-concessional contributions).
Generally, concessional contributions (made from pre-tax income) attract a contributions tax of 15%, which can be significantly lower than your marginal tax rate. Tax on non-concessional contributions (made from post-tax income) does not apply. However, there are caps on both these types of contributions which vary depending on your age.
Benefits
- Earnings in super are taxed at up to 15% (and only 10% on capital gains), which is lower than most people’s marginal tax rate. If you start a pension at retirement then the tax on earnings in super reduces to nil.
- If you withdraw after age 60 your money is tax free.
- You can withdraw your super balance (the benefit) when you reach your preservation age. This varies depending on your birth date. By 2025 everyone will have a preservation age of 60.
- There are different tax treatments on lump sum payments depending on the size of the benefit and the age and service period of the member.
- Money invested after July 1999 is fully preserved, which means it can’t be accessed until you reach your preservation age.
More flexibility
- Super is becoming more flexible with more strategies and ways to reach your retirement goals:
- The government’s co-contribution scheme is designed to help low to middle income earners get more into their super.
- Concessional contributions can be used to reduce your tax.
- A transition to retirement strategy means you can still work full time or part time after your preservation age and still contribute to your super.
- Self-managed super funds allow you to take even more control of your super.
High Street Wealth, Financial Planners in Kogarah provide superannuation advice. Contact us on Phone 1300 034 087.
Wealth Creation
These include:
- Mortgage reduction plans
- Regular saving and investment plans
- Dollar cost average strategies
- Managed Accounts advice
- Managed Fund portfolio advice
- Property advice
- Tax structuring advice (e.g. use of family trusts)
- Borrowing to invest strategies
- Diversification and asset allocation
ADVICE – HOW WE CAN HELP:
We believe the key to success is implementing an holistic approach to wealth creation. Very importantly, we encourage our clients to stay away from “get rich quick schemes” and advise them to rely on a tailored range of proven structures and strategies.
Wealth Creation
At High Street Wealth, we understand the many financial challenges people face on the road to financial security.
Read More....
Wealth Creation
These include:
- Mortgage reduction plans
- Regular saving and investment plans
- Dollar cost average strategies
- Managed Accounts advice
- Managed Fund portfolio advice
- Property advice
- Tax structuring advice (e.g. use of family trusts)
- Borrowing to invest strategies
- Diversification and asset allocation
ADVICE – HOW WE CAN HELP:
We believe the key to success is implementing an holistic approach to wealth creation. Very importantly, we encourage our clients to stay away from “get rich quick schemes” and advise them to rely on a tailored range of proven structures and strategies.
Retirement Planning
Transitioning into retirement
You no longer have to retire on the day you turn 65. The day you stop working is now in your hands. By using a Transition To Retirement strategy you can take control of your retirement date, prolong your retirement or use it to turn a redundancy into a time of opportunity.
Managing your retirement
Reaching your retirement is a significant milestone, and it’s important you live the life you want to. There are still many ways to make the most of this stage of your life and you might have a few questions.
- Where should I invest my money?Should you leave it in super or start an income stream? Take the annuity or pension? How good are Retirement savings accounts?
- Make your money last Do you have the right asset mix? And have you structured your finances to maximise government benefits? And what’s the best way to manage your debt?
- Do I pay tax in retirement? It depends on how the money went into your super, how you take money out and how old you are. We look at ways to minimise the tax impact.
- How much can I withdraw from super? What are the minimums and maximums you need to be aware of.
- Preparing for residential careLooking for aged care can be difficult and there’s lots to consider. Being aware means being prepared.
- Estate planningGood estate planning isn’t just about making a will. It’s a good way to take stock of your finances. Read more
For retirement planning advice in Kogarah contact High Street Wealth on Phone 1300 034 087.
Retirement Planning
Retirement may seem like a long way off but putting money into super now is still a tax effective way to invest your money. You also can benefit from the effects of compounding returns.
Read More ....
Retirement Planning
Transitioning into retirement
You no longer have to retire on the day you turn 65. The day you stop working is now in your hands. By using a Transition To Retirement strategy you can take control of your retirement date, prolong your retirement or use it to turn a redundancy into a time of opportunity.
Managing your retirement
Reaching your retirement is a significant milestone, and it’s important you live the life you want to. There are still many ways to make the most of this stage of your life and you might have a few questions.
- Where should I invest my money?Should you leave it in super or start an income stream? Take the annuity or pension? How good are Retirement savings accounts?
- Make your money last Do you have the right asset mix? And have you structured your finances to maximise government benefits? And what’s the best way to manage your debt?
- Do I pay tax in retirement? It depends on how the money went into your super, how you take money out and how old you are. We look at ways to minimise the tax impact.
- How much can I withdraw from super? What are the minimums and maximums you need to be aware of.
- Preparing for residential careLooking for aged care can be difficult and there’s lots to consider. Being aware means being prepared.
- Estate planningGood estate planning isn’t just about making a will. It’s a good way to take stock of your finances. Read more
For retirement planning advice in Kogarah contact High Street Wealth on Phone 1300 034 087.
Debt Management
But, not all debt is bad debt.
Having a debt management plan in place and understanding the different between good and bad debt could help you make better financial decisions.
GOOD DEBT
“Good” debt is when you borrow to invest to purchase wealth-building assets – meaning assets that are likely to increase in value over time and/or give you an income. Good debt may also be tax deductible.
An example of good debt is borrowing to purchase shares or an investment property.
BAD DEBT
“Bad” debt is a loan used to purchase non-income producing assets and where the interest on the loan is not tax deductible.
Using a credit card or a personal loan to fund a holiday or to buy luxury items are examples of taking on bad debt.
HOW WE CAN HELP
Knowing how to manage your debt can help you take control of your financial future and manage your cashflow.
We can recommend a debt management plan to help you pay down your bad debt whilst using good debt to build long term wealth.
SHOULD YOU BORROW TO INVEST?
Borrowing to invest (also called gearing) may help you accelerate the process of wealth creation by allowing you to make a larger investment than would otherwise be possible.
This greater exposure gives you the potential to magnify your returns, but can also magnify your losses.
To take control of your debt speak to a qualified Financial Adviser at High Street Wealth.
Debt Management
Borrowing money is easy these days and that’s why it’s even easier to get into debt. But, not all debt is bad debt.
Read More ....
Debt Management
But, not all debt is bad debt.
Having a debt management plan in place and understanding the different between good and bad debt could help you make better financial decisions.
GOOD DEBT
“Good” debt is when you borrow to invest to purchase wealth-building assets – meaning assets that are likely to increase in value over time and/or give you an income. Good debt may also be tax deductible.
An example of good debt is borrowing to purchase shares or an investment property.
BAD DEBT
“Bad” debt is a loan used to purchase non-income producing assets and where the interest on the loan is not tax deductible.
Using a credit card or a personal loan to fund a holiday or to buy luxury items are examples of taking on bad debt.
HOW WE CAN HELP
Knowing how to manage your debt can help you take control of your financial future and manage your cashflow.
We can recommend a debt management plan to help you pay down your bad debt whilst using good debt to build long term wealth.
SHOULD YOU BORROW TO INVEST?
Borrowing to invest (also called gearing) may help you accelerate the process of wealth creation by allowing you to make a larger investment than would otherwise be possible.
This greater exposure gives you the potential to magnify your returns, but can also magnify your losses.
To take control of your debt speak to a qualified Financial Adviser at High Street Wealth.
Wealth Protection
An accident, sickness or death of a working age parent will almost always have a significant impact on the financial circumstances of the family. Despite this Rice Warner Actuaries calculate that over 95 per cent of families do not have adequate insurance[1].
Having the right insurances in place can help protect your family and your income if the unexpected occurs.
There are different types of cover that fall under the broad heading of life insurance[2]:
- Life cover– also known as term life insurance or death cover, pays a set amount of money when the insured person dies. The money will go to the people you nominate as beneficiaries on your policy.
- Total and permanent disability (TPD) cover– covers the costs of rehabilitation, debt repayments and the future cost of living if you are totally and permanently disabled. TPD cover is often bundled together with life cover.
- Trauma cover– provides cover if you are diagnosed with a specified illness or injury. These policies include the major illnesses or injuries that will make a significant impact on a person’s life, such as cancer or a stroke. It is also referred to as ‘critical illness’ cover or ‘recovery’ insurance.
- Income protection– replaces the income lost through your inability to work due to injury or sickness.
HOW WE CAN HELP
Smart Financial Planning has access to a large range of insurers and we can tailor your wealth protection plan to suit your circumstances. We will make the insurance process as simple as possible and help you get the right cover to protect you and those you love with a financial safety net in the event that the unexpected occurs.
AREN’T I ALREADY COVERED THROUGH MY WORK AND THE GOVERNMENT?
You may be eligible for some compensations and entitlements depending on your situation (for example Workcover, Sick leave, Social Security). However will these be enough? Will you qualify? And what are the waiting periods?
Please call one of our qualified advisers on Phone 1300 034 087 to discuss how we can help you protect you and your family financially.
[1] The Economic Cost of Underinsurance for a Typical Family, Volume 3, Issue 3 2010
[2] ASIC www.moneysmart.gov.au
Wealth Protection
Insurance is the foundation of all financial plans. We can help you evaluate the risks and come up with the right insurance solution for you and your family.
Read More ....
Wealth Protection
Total and permanent disablement (TPD)
TPD cover provides a lump sum if you become unable to work due to a permanent disability. This cover can help you pay for medical expenses, repay major debts and help provide for your future.
Trauma cover
Trauma cover provides a lump sum if you’re diagnosed with a medical condition or undergo a procedure outlined in your policy. This may include a heart attack, major organ transplant, cancer or stroke — to name a few. Trauma cover is designed to help cover your medical costs and living expenses, providing you with some financial security during the important recovery period.
Death cover
Death cover may be important for people of all ages, especially if you have others relying on you and large debts such as a mortgage. Death cover provides a lump sum to your beneficiaries if you die. This can be used to help meet the costs of your mortgage, other debts and/or cover your family’s future expenses. Many policies make an advance payment of the insured sum if you are diagnosed with a terminal illness. With Death, Total Permanent Disablement and Trauma cover you can:
- Find comfort in knowing your family will receive a lump sum payment to help them financially if you were to die or become terminally ill.
- Receive financial support if you become seriously disabled, maintain your quality of life and help meet the cost of rehabilitation programs and daily living expenses with TPD insurance.
- Take the financial pressure off and give yourself time to recover, should you experience one of the traumatic events listed in our trauma cover, including cancer, stroke, heart attack and coronary artery surgery. Children’s trauma cover can also be selected.
Income Protection Insurance
You insure your car, the family home and even your health – so why not your ability to earn an income. Have you ever thought about what would happen if you became ill or were injured and couldn’t work for an extended period of time? Would you be able to meet your financial commitments without your regular income? If not, it’s time you considered income protection. When you think about what life would be like without your regular income, your earning capacity becomes possibly your greatest asset. Chances are, you’ve based the achievement of your goals and ambitions on having a regular cash flow. If you became ill and were unable to work and maintain that cash flow, your goals may no longer be achievable.
Business Overheads Insurance
What would happen to your business if you were too ill or injured to work? Business Overheads Insurance helps you meet your ongoing business expenses by reimbursing eligible business overheads as a monthly amount if you are too ill or injured to work.
Protect your business expenses
Recover with peace of mind knowing that, if you are unable to work due to injury or illness, your business overheads insurance will reimburse your business expenses such as:
- Rent
- Property Rates
- Vehicle leases
- Salaries
High Street Wealth provides wealth protection advice in Kogarah . Contact us on Phone 1300 034 087.
Estate Planning
PROVIDING FOR FUTURE GENERATIONS
We’d all like to leave a legacy and provide for those closest and dearest to us once we’re gone. Estate planning is an effective method to take an overview of your assets, consider how they’re structured and how you’d like them to be distributed after you die. It’s just as important to provide for yourself as it is for the future.
REVIEWING YOUR WILL
A will sets out how you want your estate to be managed and distributed after your death. It can also include the appointment of a guardian for your children. Without a will, management of your estate can be costly, time consuming and distributed according to state based legislation. It’s important to have a valid will and to review it regularly to make sure it is still in line with your intentions. While they may be effective for simple straight-forward estates, they don’t serve more complex estates as effectively. And a will with even a small flaw may lead to an expensive process if it is contested or it doesn’t have a residue clause which directs how to distribute assets not included in the original will.
GRANTING ENDURING POWER OF ATTORNEY
If you were to become incapable of handling your affairs, control of your assets could revert to a person appointed by a court. It would be more useful if you had an enduring power of attorney set up now so that if you cannot manage your affairs, someone you trust and have chosen to act for you, can make the important decisions affecting you and your affairs.
SELECTING AN EXECUTOR
An executor distributes your assets after your death. This involves applying to the Supreme Court for probate, which gives them permission to execute your will. It can be a difficult job if your will involves setting up trusts and lodging tax returns and you should ensure they are willing and that you have nominated an alternate as a back-up in case they pass away before you do or change their mind. You should consider appointing your solicitor or using a trustee company.
GIVING GUARDIANSHIP
A guardian can make decisions regarding where you live and your medical care if you lose the capacity to make your own decisions. It’s important to select someone you trust as soon as any signs appear that you may need these decisions made for you.
CONSIDERING A FAMILY TRUST
A family trust, also known as a discretionary trust, is a common structure used by small businesses to share the business’ income in the most tax-effective way among beneficiaries within the family group and to protect family assets. It is most useful where the business is generating income and experiencing growth. It involves setting up a trust with a nominated trustee, who has responsibility for distributing the estate to your nominated beneficiaries. It can also be used to protect assets from dependants’ creditors or if a dependant isn’t capable of managing money.
WHAT HAPPENS TO MY SUPER AND INSURANCE WHEN I DIE?
The death benefit is usually paid to your nominated beneficiaries. The superannuation balance is transferred into the Cash option on notification of your death. The balance will be paid depending on who you have nominated as beneficiaries.
WHO CAN BE MY BENEFICIARY?
If you are insuring through your superannuation, you need to understand the difference between binding and non-binding beneficiaries and issues to be aware of. If you have insurance outside of superannuation, you can nominate anyone to be a beneficiary.
PROTECTING WHAT YOU HAVE
The best way to look after your family’s future is to ensure you have enough cover.
To find out more Estate Planning phone High Street Wealth on Phone 1300 034 087, Financial Advisers in Kogarah.
Estate Planning
We’d all like to leave a legacy and provide for those closest and dearest to us once we’re gone.
Read More ....
Estate Planning
PROVIDING FOR FUTURE GENERATIONS
We’d all like to leave a legacy and provide for those closest and dearest to us once we’re gone. Estate planning is an effective method to take an overview of your assets, consider how they’re structured and how you’d like them to be distributed after you die. It’s just as important to provide for yourself as it is for the future.
REVIEWING YOUR WILL
A will sets out how you want your estate to be managed and distributed after your death. It can also include the appointment of a guardian for your children. Without a will, management of your estate can be costly, time consuming and distributed according to state based legislation. It’s important to have a valid will and to review it regularly to make sure it is still in line with your intentions. While they may be effective for simple straight-forward estates, they don’t serve more complex estates as effectively. And a will with even a small flaw may lead to an expensive process if it is contested or it doesn’t have a residue clause which directs how to distribute assets not included in the original will.
GRANTING ENDURING POWER OF ATTORNEY
If you were to become incapable of handling your affairs, control of your assets could revert to a person appointed by a court. It would be more useful if you had an enduring power of attorney set up now so that if you cannot manage your affairs, someone you trust and have chosen to act for you, can make the important decisions affecting you and your affairs.
SELECTING AN EXECUTOR
An executor distributes your assets after your death. This involves applying to the Supreme Court for probate, which gives them permission to execute your will. It can be a difficult job if your will involves setting up trusts and lodging tax returns and you should ensure they are willing and that you have nominated an alternate as a back-up in case they pass away before you do or change their mind. You should consider appointing your solicitor or using a trustee company.
GIVING GUARDIANSHIP
A guardian can make decisions regarding where you live and your medical care if you lose the capacity to make your own decisions. It’s important to select someone you trust as soon as any signs appear that you may need these decisions made for you.
CONSIDERING A FAMILY TRUST
A family trust, also known as a discretionary trust, is a common structure used by small businesses to share the business’ income in the most tax-effective way among beneficiaries within the family group and to protect family assets. It is most useful where the business is generating income and experiencing growth. It involves setting up a trust with a nominated trustee, who has responsibility for distributing the estate to your nominated beneficiaries. It can also be used to protect assets from dependants’ creditors or if a dependant isn’t capable of managing money.
WHAT HAPPENS TO MY SUPER AND INSURANCE WHEN I DIE?
The death benefit is usually paid to your nominated beneficiaries. The superannuation balance is transferred into the Cash option on notification of your death. The balance will be paid depending on who you have nominated as beneficiaries.
WHO CAN BE MY BENEFICIARY?
If you are insuring through your superannuation, you need to understand the difference between binding and non-binding beneficiaries and issues to be aware of. If you have insurance outside of superannuation, you can nominate anyone to be a beneficiary.
PROTECTING WHAT YOU HAVE
The best way to look after your family’s future is to ensure you have enough cover.
To find out more Estate Planning phone High Street Wealth on Phone 1300 034 087, Financial Advisers in Kogarah.
Self Managed Superannuation
SMSFs give people full control of their own super fund, including all the legal and tax responsibilities associated with doing this.
IS A SELF-MANAGED SUPER FUND RIGHT FOR YOU?
According to Association of Superannuation Funds Australia (ASFA), SMSFs may be the right choice for you if you[1]:
- are very knowledgeable about finance and legal matters
- have a lot of money in superannuation to make set up and yearly running costs worthwhile
- have enough money for ongoing expenses including professional accounting, tax, audit, legal and financial advice
- have a lot of spare time to research and check your super investments regularly
- have a lot of spare time to manage the fund
- have life insurance, including income protection and total and permanent disability cover.
WHAT IS AN SMSF?
SMSFs are a legal tax structure with the sole purpose of providing for your retirement. SMSFs are regulated by the Australian Taxation Office (ATO).
- An SMSF can have 1-4 members.
- An SMSF is a trust structure and must have a trustee. There are two options: Corporate Trustee Structure or Individual Trustee Structure.
- Generally, SMSF trustees will use one central bank account to receive contributions and use that account to make investments.
- An SMSF must have a Trust Deed that sets out the governing of the SMSF
- An Investment Strategy must be in place that states how you plan to invest the SMSF assets
- A Binding Death Nomination will state who you would like you super benefits to be paid in the event of death
- Annual tax return and audit must occur every year
YOU CAN’T DO IT ALL YOURSELF
Despite some people calling SMSFs ‘do it yourself super’ or ‘DIY funds’ you will have to work with some other people to meet your obligations[2].
- You will need an independent self-managed super fund auditor who is registered with ASIC to complete your fund’s audit each year.
- In some circumstances, you will need a qualified actuary to provide you with an actuarial certificate.
- Each year, you need to value your assets at market value. In some circumstances, you will need an independent valuer who is qualified to do this; for example, to value artwork.
You may also work with:
- An administrator who will manage most of the day-to-day running of the SMSF. The legal and tax responsibilities are still yours even if you use an administrator.
- An Accountant to prepare financial accounts, statements and tax returns.
- A Financial Adviser for investment and estate planning advice.
HOW WE CAN HELP
The team at High Street Wealth can assist you with the investment and estate planning strategies for your SMSF.
We will recommend an investment strategy that is in line with your risk profile and incorporates your ideas about investing within your SMSF. We make the recommendations. You make the decisions.
SMSFs and Estate Planning is a complex area, but with our experience we will help to make sure your money goes to the right people at the right time.
WHAT WILL YOUR SMSF COST?
The costs of setting up and running an SMSF vary depending on, among other things, your circumstances, super balance, investment strategy and how you choose to manage your fund. The more complex you make it, the more it is likely to cost.
For information about SMSFs please contact us at High Street Wealth on Phone 1300 034 087.
[1] http://www.superguru.com.au/about-super/smsfs
[2] www.ato.gov.au
Self Managed Superannuation
Self-managed super funds (SMSFs) are a way of saving for retirement. SMSFs are one of the fastest growing sectors of the Australian super industry.
Read More ....
Self Managed Superannuation
SMSFs give people full control of their own super fund, including all the legal and tax responsibilities associated with doing this.
IS A SELF-MANAGED SUPER FUND RIGHT FOR YOU?
According to Association of Superannuation Funds Australia (ASFA), SMSFs may be the right choice for you if you[1]:
- are very knowledgeable about finance and legal matters
- have a lot of money in superannuation to make set up and yearly running costs worthwhile
- have enough money for ongoing expenses including professional accounting, tax, audit, legal and financial advice
- have a lot of spare time to research and check your super investments regularly
- have a lot of spare time to manage the fund
- have life insurance, including income protection and total and permanent disability cover.
WHAT IS AN SMSF?
SMSFs are a legal tax structure with the sole purpose of providing for your retirement. SMSFs are regulated by the Australian Taxation Office (ATO).
- An SMSF can have 1-4 members.
- An SMSF is a trust structure and must have a trustee. There are two options: Corporate Trustee Structure or Individual Trustee Structure.
- Generally, SMSF trustees will use one central bank account to receive contributions and use that account to make investments.
- An SMSF must have a Trust Deed that sets out the governing of the SMSF
- An Investment Strategy must be in place that states how you plan to invest the SMSF assets
- A Binding Death Nomination will state who you would like you super benefits to be paid in the event of death
- Annual tax return and audit must occur every year
YOU CAN’T DO IT ALL YOURSELF
Despite some people calling SMSFs ‘do it yourself super’ or ‘DIY funds’ you will have to work with some other people to meet your obligations[2].
- You will need an independent self-managed super fund auditor who is registered with ASIC to complete your fund’s audit each year.
- In some circumstances, you will need a qualified actuary to provide you with an actuarial certificate.
- Each year, you need to value your assets at market value. In some circumstances, you will need an independent valuer who is qualified to do this; for example, to value artwork.
You may also work with:
- An administrator who will manage most of the day-to-day running of the SMSF. The legal and tax responsibilities are still yours even if you use an administrator.
- An Accountant to prepare financial accounts, statements and tax returns.
- A Financial Adviser for investment and estate planning advice.
HOW WE CAN HELP
The team at High Street Wealth can assist you with the investment and estate planning strategies for your SMSF.
We will recommend an investment strategy that is in line with your risk profile and incorporates your ideas about investing within your SMSF. We make the recommendations. You make the decisions.
SMSFs and Estate Planning is a complex area, but with our experience we will help to make sure your money goes to the right people at the right time.
WHAT WILL YOUR SMSF COST?
The costs of setting up and running an SMSF vary depending on, among other things, your circumstances, super balance, investment strategy and how you choose to manage your fund. The more complex you make it, the more it is likely to cost.
For information about SMSFs please contact us at High Street Wealth on Phone 1300 034 087.
[1] http://www.superguru.com.au/about-super/smsfs
[2] www.ato.gov.au
Tax Minimisation
CONTRIBUTE MORE TO SUPER
Salary sacrifice contributions can help reduce the amount of tax you pay whilst building your retirement savings. The contribution to super is made before income tax is deducted from your wages. Whilst your money is in super, tax paid on fund earnings is usually much lower than other investment earnings outside of super.
TAX EFFECTIVE INVESTING
Some investments are more tax effective than others. Growth investments such as shares and property often receive more favourable tax treatment. For example, capital gains tax and earnings tax on shares may be lower than the tax on fixed interest investments.
INVESTMENT LOANS
Borrowing money to invest (gearing) can also be a method of managing your tax obligations. If the cost of borrowing exceeds the income generated by the investment, you may be able to offset the loss against other taxable income. Prepaying loan interest in advance can also be a way to claim a tax deduction in the current financial year.
SELLING ASSETS
Timing the sale of assets can affect the amount of tax you pay. For example, selling shares more than 12 months after the original purchase date would incur capital gains tax at a lower rate. In some circumstances, a capital loss can be carried forward to a financial year when a capital gain applies – therefore incurring less tax on that gain.
Tax Minimisation
When it comes to investing, there are investment strategies you can utilise to minimise the amount of tax you pay.
Read More ....
Tax Minimisation
CONTRIBUTE MORE TO SUPER
Salary sacrifice contributions can help reduce the amount of tax you pay whilst building your retirement savings. The contribution to super is made before income tax is deducted from your wages. Whilst your money is in super, tax paid on fund earnings is usually much lower than other investment earnings outside of super.
TAX EFFECTIVE INVESTING
Some investments are more tax effective than others. Growth investments such as shares and property often receive more favourable tax treatment. For example, capital gains tax and earnings tax on shares may be lower than the tax on fixed interest investments.
INVESTMENT LOANS
Borrowing money to invest (gearing) can also be a method of managing your tax obligations. If the cost of borrowing exceeds the income generated by the investment, you may be able to offset the loss against other taxable income. Prepaying loan interest in advance can also be a way to claim a tax deduction in the current financial year.
SELLING ASSETS
Timing the sale of assets can affect the amount of tax you pay. For example, selling shares more than 12 months after the original purchase date would incur capital gains tax at a lower rate. In some circumstances, a capital loss can be carried forward to a financial year when a capital gain applies – therefore incurring less tax on that gain.
Why Choose Us?
Exceptional Personal Service
Knowledge and Experience
Ongoing Support
A Holistic Approach
Keep You On Track
Ease and Convenience
Meet our team
BILL FARAJ
Bill is the founding Director and Financial Advisor of High Street Wealth. With over 13 years’ experience in the Financial Services industry, Bill brings with him a wealth of experience; notably performing senior financial services roles in major banks including Westpac and CBA in all different facets of Wealth Management; dealing with both business and retail clients.
Bill holds a Bachelor of Business, majoring in Financial Planning and continuously expands his knowledge base with various training to ensure he is up to date with the evolving world of Financial Planning.
Bill’s mission is to build close, lifelong relationships with his clients and help them achieve their financial and lifestyle goals.
Bill is a loving husband and father to three young children and enjoys an active lifestyle and going on regular family holidays.
BILL FARAJ
FINANCIAL ADVISOR / DIRECTOR
Read More....
Bill Faraj - Senior Financial Adviser / Director
Bill is the founding Director and Financial Advisor of High Street Wealth. With over 13 years’ experience in the Financial Services industry, Bill brings with him a wealth of experience; notably performing senior financial services roles in major banks including Westpac and CBA in all different facets of Wealth Management; dealing with both business and retail clients.
Bill holds a Bachelor of Business, majoring in Financial Planning and continuously expands his knowledge base with various training to ensure he is up to date with the evolving world of Financial Planning.
Bill’s mission is to build close, lifelong relationships with his clients and help them achieve their financial and lifestyle goals.
Bill is a loving husband and father to three young children and enjoys an active lifestyle and going on regular family holidays.
ANTHONY MIHALJEK
Anthony is a seasoned financial adviser who has worked in the industry since 2006. Anthony honed his skills at large corporations, including Commonwealth Bank and Aware Super, and has worked at smaller boutique firms. He is passionate about empowering his clients to make sound financial decisions that provide the basis for their happy and fulfilling retirement.
Anthony holds a Master of Commerce (Financial Planning) and is a Certified member of the Financial Planning Association of Australia. Anthony also participates in regular professional development and training to ensure he provides the most up-to-date advice to his clients.
Anthony is married and has two children. He enjoys playing golf and soccer and watching his children play sports.
ANTHONY MIHALJEK
FINANCIAL ADVISOR
Read More....
ANTHONY MIHALJEK
Anthony is a seasoned financial adviser who has worked in the industry since 2006. Anthony honed his skills at large corporations, including Commonwealth Bank and Aware Super, and has worked at smaller boutique firms. He is passionate about empowering his clients to make sound financial decisions that provide the basis for their happy and fulfilling retirement.
Anthony holds a Master of Commerce (Financial Planning) and is a Certified member of the Financial Planning Association of Australia. Anthony also participates in regular professional development and training to ensure he provides the most up-to-date advice to his clients.
Anthony is married and has two children. He enjoys playing golf and soccer and watching his children play sports.
KEN CALDERWOOD
Ken is the General Manager of High Street Wealth and boasts over 25 years’ experience in the Financial services industry. This includes 10 years with the Reserve Bank of Australia and 12 years as a Senior Financial Advisor.
Ken has an Advanced Diploma in Financial Planning and is working towards his Master of Financial Planning. Ken’s role is as valuable as his experience and he takes comfort in his continued and longstanding effort to ensure High Street Wealth delivers on its company’s mission, vision and promise to its clients. Ken has always believed that the clients best interests come first. Ken has built many long-term trusted relationships and looks forward to building many more.
Ken is a father to two daughters and enjoys an active lifestyle including playing soccer and going to the gym.
KEN CALDERWOOD
GENERAL MANAGER
Read More....
KEN CALDERWOOD
Ken is the General Manager of High Street Wealth and boasts over 25 years’ experience in the Financial services industry. This includes 10 years with the Reserve Bank of Australia and 12 years as a Senior Financial Advisor.
Ken has an Advanced Diploma in Financial Planning and is working towards his Master of Financial Planning. Ken’s role is as valuable as his experience and he takes comfort in his continued and longstanding effort to ensure High Street Wealth delivers on its company’s mission, vision and promise to its clients. Ken has always believed that the clients best interests come first. Ken has built many long-term trusted relationships and looks forward to building many more.
Ken is a father to two daughters and enjoys an active lifestyle including playing soccer and going to the gym.
Paul Saliba
Paul provides an outsourced Chief Investment Officer role for High Street Wealth with extensive experience in investment management and research having joined the industry in the late 1990s. Institutionally Paul has worked at ANZ Asset Management and has had roles including being a Supervisory Analyst at Wall Street firms Citigroup and Credit Suisse.
Paul is responsible for investment research, managing & monitoring investment activity, working with external analysts, and developing High Street Wealth investment policies to ensure that we deliver the optimal investment solutions for our clients.
Paul has a Bachelor of Economics majoring in Economic and Econometrics, a Graduate Diploma of Applied Finance and Investment, a Diploma in Financial Services (Financial Planning) and is a Fellow of the Financial Services Institute of Australasia.
Paul is a father to two daughters and enjoys an active lifestyle including skiing and playing tennis socially.
Paul Saliba
CHIEF INVESTMENT OFFICER
Read More....
Paul Saliba
Paul provides an outsourced Chief Investment Officer role for High Street Wealth with extensive experience in investment management and research having joined the industry in the late 1990s. Institutionally Paul has worked at ANZ Asset Management and has had roles including being a Supervisory Analyst at Wall Street firms Citigroup and Credit Suisse.
Paul is responsible for investment research, managing & monitoring investment activity, working with external analysts, and developing High Street Wealth investment policies to ensure that we deliver the optimal investment solutions for our clients.
Paul has a Bachelor of Economics majoring in Economic and Econometrics, a Graduate Diploma of Applied Finance and Investment, a Diploma in Financial Services (Financial Planning) and is a Fellow of the Financial Services Institute of Australasia.
Paul is a father to two daughters and enjoys an active lifestyle including skiing and playing tennis socially.
LINA TANANA
Lina is the Human Resource and Office Manager for High Street Wealth. With over 10 years’ experience as a high performing HR professional, she brings with her a wealth of experience spanning a range of industries including Banking/Finance, Construction, Engineering, and Recruitment Solutions.
Lina holds a Bachelor of Business majoring in HR and Marketing. Her strong background in senior-level HR business partnering and well-developed stakeholder management and communication skills helps High Street Wealth deliver on its promise to servicing excellence to its clients.
Outside of work, Lina is mum to 3 active young children and is happiest by the ocean, travelling and curling up to a good book!
LINA TANANA
HR / OFFICE MANAGER
Read More....
LINA TANANA
Lina is the Human Resource and Office Manager for High Street Wealth. With over 10 years’ experience as a high performing HR professional, she brings with her a wealth of experience spanning a range of industries including Banking/Finance, Construction, Engineering, and Recruitment Solutions.
Lina holds a Bachelor of Business majoring in HR and Marketing. Her strong background in senior-level HR business partnering and well-developed stakeholder management and communication skills helps High Street Wealth deliver on its promise to servicing excellence to its clients.
Outside of work, Lina is mum to 3 active young children and is happiest by the ocean, travelling and curling up to a good book!
What Our Clients Say
"We have appreciated greatly the experience, expertise and advice Bill had to offer us in relation to our retirement planning. Bill has gone above and beyond in providing information and support to us. Bill and Ken are a tremendous team who we consider privileged to be our financial advisers and friends."
Ross and Sue Pearce
"I can recommend High Street Wealth as a reputable and professional Financial Consulting Service.
High Street Wealth provided me with the means to plan for my retirement. Without the guidance and personal interest provided by High Street Wealth i would not be enjoying the benefits of twenty-five years of working life."
Donna Lendon
"Bill has given me advice in areas including Self Managed Super Fund and my retirement planning needs. Bill was able to explain things to me in a clear way. Through Bill's knowledge and experience, I feel very confident that the advice given was right for my needs. I received Bill's full care and attention when I needed it."
David Craig
"Bill has given me advice over the past years as I worked towards retirement. All the strategies that he developed for me allowed me to retire earlier than expected and in a very comfortable position. All the strategies that he suggested were also reinforced by Ross Greenwood from channel nine. Bill explains every step clearly and in terms that I can understand. He takes the time to get to know you and understand what your goals and needs are in your life. I am very confident that Bill has my best interests at heart and he is always available whenever I need advice. I have no hesitation in recommending him to friends and family."
Sandy Gibson
Latest News
When getting ready to buy property, there are many things to keep track of as…
When and how you can access your super to start an account-based pension. If our…
Consolidating your super means moving all your super into one account. It makes your super…
When you’re planning to buy a home, the first step is to make sure you…
View our latest newsletter and register to receive the latest financial and lifestyle articles.
-
About Us
Learn more about our teamCalculators
Access our library of handy calculatorsContact Us
Get in touch with our team