How much will you and your family need in retirement?

Although the projected growth in the pool of superannuation savings is certainly heading in the right direction, the harsh reality facing those not far off retirement is that they will have nowhere near enough to retire on!

Increasing life spans, Governments continually changing rules and the fact that superannuation savings are not important to many out there (until they are near “retirement” age) is leaving many short, especially the older workers.

It is simple; most people retiring in the next 20 years will not have the lifestyle in retirement they are seeking, or they certainly deserve!

Two options will arise if they are to afford a comfortable retirement, firstly, they will have to work for longer and secondly, the increased contributions required to fund their super will leave them short of time.

As a result, many will be disappointed with their standard of living in retirement.

What can you do to fix this problem?

1. Start contributing to your superannuation earlier – The earlier in life that you start contributing extra to super the better your retirement will look. There is no time like the present to take control and begin saving, even a little amount will go a long way!

2. Understand how your superannuation is performing? Review your superannuation, could it could perform better in an alternative retail or industry fund, or will utilising the benefits of a Self Managed Superannuation Fund (SMSF’s) give you greater results? It is predicted that SMSF’s will continue to grow to become the most popular vehicles for retirees by far.

You need to compare and analyse, because the smallest of adjustments earlier on in your life can make a massive difference by the time you reach your 60’s when you need your superannuation for retirement.

Although our younger population will do better in the future years, as they will have the benefit of the superannuation guarantee for the whole of their working lives, they will most likely still struggle to afford a comfortable retirement without additional input and strategies.

We are able to help you project where you will be at retirement age and create a plan to get you to where you want to be. Get in touch with us immediately to help.

Tax Update

The Australian Government is delivering tax reforms for Australian businesses. The reforms deliver tax relief for more than 3 million small and medium businesses.

Immediate deductions up to $20,000

The $20,000 instant asset write-off has been extended to 30 June 2019

This means you can continue to claim the cost of new or second-hand assets that are less than the threshold of $20,000. What does it mean for your business?

If your business has a turnover of less than $10 million, you can instantly claim the business portion of most depreciating assets that cost less than $20,000 each.

You can claim the deduction through your tax return, in the year the asset was first bought and used or installed ready for use.

Assets of $20,000 or more can be put into a small business asset pool where you can claim a proportion of the amount as a deduction each year.

Does this apply to you or do you need help – speak to us today about clarifying the benefit of this measure!

How Can We Learn From One Of The Best?

The late Steve Jobs’ impact on our lives can never be overestimated!

His ideas and innovations have touched nearly all of us in one shape or another – from computers, the way we purchase movies and music, to the way we communicate with the iPhone.

I loved reading his autobiography and it would be high in my recommended readings for you all.

For all business owners, whether you are a startup or have been involved in business for many years, his greatest legacy is the set of principles that drove his success – each and every time!

What can we as business owners learn from someone who had so much success?

1. Do what you love.

Are you just getting up and going to work each and everyday – or do you actually love what you are doing? Do you have a passion for the products or services you provide?

2. Put a dent in the universe.

What is your vision – do you even have one? Are you continuously working towards your vision each and every day or are you just doing what needs to be done to stay ahead of your competitors? You must never, ever lose sight of your big vision. If you haven’t got one, then create one!

3. Make connections.

We can all learn lessons and skills from the most unlikely of sources. Steve Jobs once took a calligraphy class that didn’t have any practical use in his life – well, that was until he built the Macintosh. Don’t live in a bubble, connect ideas from varying fields. The world holds so many experiences for us all, never put the blinkers on or close your eyes to anything!

4. Say no to 1,000 things.

Never ever let a customer dictate to you what your business does and what your business looks like – it’s your business so make your own rules and then learn to say NO sometimes. What do you need to say “no” to? When was the last time you said “no” to a customer?

5. Create insanely different experiences.

The Apple products have enriched so many lives. What are you doing to enrich the lives of your customers? Are they looking forward to further business with you – maybe even camping out the night before for the release of your next product?

6. Master the message.

You can have the greatest ideas or best products in the world, but if you can’t communicate them, they will fail. What ideas do you have and how are you sharing them with your customers? Do they even know what products or services your business can help them with? If not, tell them!

7. Sell dreams, not products.

Are your products capturing the imagination of your customers? Your customers don’t care about your products; they care about themselves, their hopes, their ambitions. Steve Jobs taught us that if you help your customers reach their dreams; you’ll win them over each and every time. Are you helping your customers reach their hopes and ambitions?

There’s one thing that we could all learn from the late Steve Jobs – believe in yourself, believe in your vision and love what you are doing! Have a passion for what you are doing and ensure that your customers also love and have a passion for your products!

For Your Calendar…

  • 21 Mar Lodge and pay February 2019 monthly business activity statement

  • 31 Mar Lodge tax return for companies and super funds with total income of more than $2 million in the latest year lodged (excluding large/medium taxpayers), unless the return was due earlier.

    Payment for companies and super funds in this category is also due by this date.

    Lodge tax return for individuals and trusts whose latest return resulted in a tax liability of $20,000 or more, excluding large/medium trusts.

    Payment for individuals and trusts in this category is due as advised on their notice of assessment.