Will you be affected by the new proposed $3 million-dollar super contribution cap in 2023? The Australian Government has recently proposed a new law that could impact the superannuation savings of some individuals. The proposed legislation will see balances in Superannuation above $3 million taxed an additional 15%, bringing the total tax rate to 30%. So,…
An early retirement is the dream for many Aussies but is it achievable for those of us dreaming of leisurely days spent in the garden, playing a round of golf every week, or travelling? To make early retirement a reality, careful planning and financial know-how are essential. This blog provides financial tips and strategies to…
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…
Is $2 million enough to retire at 60 in Australia? It’s a question many Australians approaching this milestone ask themselves as they contemplate early retirement at 60. Reaching 60 with $2 million in retirement savings represents a significant achievement, but whether this amount will comfortably support you for potentially three decades depends on factors that…
Earlier this year, several proposed amendments to superannuation, including removing the “work test” for older Australians, passed through parliament. What that means is that from July 1, 2022, people all the way up to age 75 can make fairly significant voluntary super contributions without needing to meet the work test requirements. Watch the video below…
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…
Are you considering forgoing part of your salary and having it paid into your superannuation fund instead? Salary sacrificing to superannuation has some tax benefits as you’re putting a portion of your income into your fund before you pay tax on it. You’ll still pay tax on that portion going into super – but it’s…