If your superannuation balance is approaching or already exceeds $3 million, you have likely heard about the incoming Division 296 tax. What you may be less certain about is exactly what it will cost you, and whether contribution splitting with your spouse is a legitimate strategy to reduce the impact. This post gives you a…
Note: The $6,882 figure represents the reduction in your personal income tax and Medicare levy. Inside your super fund, 15% contributions tax $2,836) is deducted from the sacrificed amount. The net benefit across both your personal tax and your super account is approximately $4,046, with the sacrificed funds now growing inside super in a concessionally…
Many Australians approaching retirement discover that whilst their super has grown substantially, converting it into dependable income presents new challenges. Market downturns during the early years of retirement can devastate portfolios when recovery time is limited. This is where annuities enter the conversation as a potential solution for guaranteed retirement income, offering a bridge between…
Many Australians wonder, “Can I retire at 55 in Australia?” while feeling overwhelmed by complex superannuation rules and conflicting financial advice, and it’s a question our team at Precision Wealth Management helps North Brisbane clients answer every day. The answer is yes, but it requires careful planning and setting realistic financial goals. We provide clear, unbiased information…
Selling a small business is a huge milestone in an entrepreneur’s life. Understanding the financial implications, including capital gains tax (CGT) and superannuation contributions, is crucial for maximising your outcome. At Precision Wealth Management, we help you navigate these complexities. Let’s examine two case studies to illustrate the varying impacts of small business sales on…
How will the new proposed $3 million superannuation contribution cap impact you? We recently published an article, ‘’What you need to know about the 3 Million Dollar Super Contribution Cap 2023“, where we explained the reasoning behind the new changes and what it will mean for your future finances. But this article introduces a case…
Estate planning is a critical step in ensuring that your beneficiaries are provided for in the best possible way upon your passing. With a financial planner’s help, you can structure your estate to ensure your beneficiaries minimise their tax and receive the best possible outcome. At Precision Wealth Planning, we have seen (and heard) the…
Numerous superannuation changes proposed for 2022 have passed through parliament. In this blog we outline four (4) superannuation rule amendments which are due to come into effect on July 1 and will be favourable for thousands of Australians and their hip pockets. Precision Wealth’s Certified Financial Planner®, Glenn Hilber shares more details in the video…