Superannuation is one of the best ways to save for retirement. We provide comprehensive advice on the rules and options for contributing to superannuation as well as the tax and legal obligations that relate to superannuation.
We provide a vast array of superannuation services which broadly fall into the following categories:
- Superannuation Tax Deductions
- Concessional Tax Rates
- Self-Managed Superannuation
- Life Insurance
- Death Benefits
- Estate Planning
- Reversionary Pensions
- Dependents Tax
- Anti-Detriment Tax
- Foreign Residents
- Foreign Pensions
- Undedicated Contributions
- Small Business Concessions
- Binding Death Benefits
- Divorce & Property Settlements
Superannuation Tax Deductions
There are a myriad of ways in which businesses and non-business taxpayers can access tax deductions associated with superannuation.The rules are generous but complex and through our specialist taxation and wealth management divisions we can guide you through the strategic options available to you.
Concessional Tax Rates
Superannuation funds enjoy one of the lowest tax rates in the Australian taxation community and we can help you access this aspect to your investment and retirement planning objectives.
Your ability to put your savings into a superannuation fund is heavily regulated in respect to contributions associated with your employment or your personal funds.
Investment options for superannuation are as broad as the entire investment market in Australia. However there are complex rules that need to be considered when deciding how your superannuation fund moneys should be invested. The Abbotts Group through its licenced financial planning division Abbotts Wealth Management can provide comprehensive financial advisory services in connection with superannuation investment advice
Whilst most Australian’s pass their retirement savings onto a large institution to manage and invest for them, they are equally entitled to take the reins themselves and set up their own superannuation fund to invest their retirement savings. This however is a complex and heavily regulated area of Australian tax and corporate law. The Abbotts Group through its licenced financial planning division Abbotts Wealth Management can provide comprehensive financial advisory services in connection with establishing and running a self-managed superannuation fund.
Whilst death and taxes may be the only certainty in life, Abbotts Wealth Management can at least help you mitigate some of the financial risk associated with death and disability.
Needless to say if it is good for you the government will have found a way to make it harder to get. Superannuation compliance is complex, thorough and unforgiving. You just have to get it right and we are there to help you do just that.
If its all about the End Game, then getting your hard earned retirement savings out at the right time for you is certainly one of the most important decisions you will make in your life. Accessing your retirement savings in the most efficient and tax effective manner that meets your life objectives is not a plan to be approached lightly. Abbotts Wealth Management and Abbott’s Chartered Accountants specialise in retirement planning and we can help you plan for your pension stream with the care and professionalism that such an important aspect to your financial lives demands.
For assistance with Superannuation pension streams please contact us
Life doesn’t always go to plan and some of your retirement savings will eventually be passed onto your surviving family members. Abbott’s Chartered Accountants specialise in making sure that the absolute minimum amount of taxation is imposed on your family during that process. This is a complex area of taxation law and trusted professional advice is crucial to looking after your and your family’s best interests.
While death and taxes may be the only certainty in life, it doesn’t have to mean one leads to the other. Its often the case that far too little effort is put into managing taxation consequences of estate planning, but not at Abbott’s Chartered Accountants. Our clients build their wealth for themselves and their families and they appreciate that this process of wealth building is designed to be intergenerational. Abbott’s Chartered Accountants and Abbotts Wealth Management specialise in estate planning from a variety of fronts, including strategic taxation planning. We also understand the unique dynamics that are associated with intergenerational family planning and we can help you navigate the often difficult and stressful process of deciding how your family should be provided for from your life long work and effort.
There are a myriad of ways your wealth invested in superannuation can be passed onto your family survivors, depending on their age, investment skills or personal situation. You may wish to keep their life uncomplicated and merely provide for your pension stream to flow onto your dependents. With careful planning and documentation your retirement funds can be redirected to your dependents with highly efficient taxation and other government support based functionality.
Not all death benefits are tax free, but we believe they should be where at all possible. Careful estate planning may save your family members many thousands of dollars if they receive a dearth benefit from your estate or superannuation fund. Planning to mitigate these costs often starts decades before any benefit is paid, but in some case late changes to your superannuation structures can remove these taxes.
This is an obscure tax concession that is largely overlooked by accountants and financial planners that can represent tens of thousands of dollars in value to your estate if carefully planned for. Highly professional practices such as Abbott’s Chartered Accountants and Abbotts Wealth Management seize on these obscure legal opportunities to make our clients’ money when others would not even know of their existence.
Our clients often come from diverse backgrounds and move to and from Australia for their work and living needs. There are complex rules surrounding superannuation that impact of people entering or departing Australia’s taxation jurisdiction. Abbott’s Chartered Accountants and Abbotts Wealth Management have extensive experience in managing superannuation strategies for foreign residents.
Australia has a variety of dual tax agreements that deal with foreign pension streams and whether you are a departing tax resident or an arriving foreign resident with existing foreign pension streams Abbott’s Chartered Accountants and Abbotts Wealth Management can assist you to maximise your strategic opportunities in connection with your foreign pension entitlements.
Getting money into a superannuation environment is often a crucial part of our client’s strategic tax planning from a structural point of view. This can often mean transferring money into a fund without the restrictions associated with securing a tax deduction for the transfer. Abbott’s Chartered Accountants and Abbotts Wealth Management are experts at the fine art of balancing tax deductible and concessional contribution strategies to achieve a strategic investment or taxation outcome.
Small Business Concessions
Yes size does matter! While the big end of town has the best lobbyists to argue for their own form of low tax rates, it’s the small business community who make up the biggest proportion of the voting business community. Accordingly it’s not surprising that there is a raft of concessions available to small businesses to manage their superannuation and retirement affairs. These concessions are complex and very specific and of course they are well hidden and poorly marketed by the tax authorities. With good advice and planning small businesses can enjoy substantial tax reductions and cost efficiencies in connection with your retirement planning.We can assist you to analyse your business and extract maximum value from these business concessions.
Binding Death Benefits
Estate planning with multiple business structures and superannuation benefits can lead to very complex decision making to maximise the tax efficiency of wealth transference. Binding estate nominations can be used to remove or mitigate the risk of disputed wills and estates and can ensure that dedicated investment pools can be directed to specific beneficiaries without the interference of other beneficiaries. This is particularly the case in the more modern blended family scenarios. Careful planning surrounding the use of binding death benefit nominations in superannuation can achieve outcomes that other methodologies for wealth distribution may fail to achieve. Yes size does matter! While the big end of town has the best lobbyists to argue for their own form of low tax rates, it’s the small business community who make up the biggest proportion of the voting business community. Accordingly it’s not surprising that there is a raft of concessions available to small businesses to manage their GST tax affairs. These concessions are complex and very specific and of course they are well hidden and poorly marketed by the tax authorities. With good advice and planning small businesses can enjoy substantial tax reductions and cost efficiencies in connection with your GST obligations. We can assist you to analyse your business and extract maximum value from these business concessions.
Divorce & property settlements
It is often said that aside from the Tax Act, the most powerful legislation in Australia is that dealing with family law. Management of the legal and financial minefield associated with marital breakdowns is complex and often stressful, but there should be no reason for it to produce unfair or unreasonable taxation outcomes. There are a myriad of complex taxation rules surrounding family law and superannuation, but with proper professional advice provided by Abbott’s Chartered Accountants our clients at least have the opportunity to mitigate some of the financial pain associated with these issues.