Financial Planning

Sound and practical personal advice, delivered by people who want to protect your hard earned wealth and add value where we can.

History has shown the Financial Planning industry has been riddled with poor practices and greedy salesmen. The fact that mandatory ethics training had to be introduced highlights the problems of the past.

Thankfully the GNS team don’t fit that mould.

You see, all of our team are true professionals. Of course they have completed what some advisers would consider the ‘bare minimum’ to have a licence – but that isn’t enough for our team. Our training and experience bar is set at a much higher level. Why – so that we can make sure our clients are set to get ahead of the pack.

It is this critical juncture of training, experience and understanding that leads to better risk adjusted returns for our clients in a transparent way.

If you want an adviser who promises the best returns year after year – well that wont be at GNS. We cannot control what happens with the share market or interest rates. But what we can do is control the amount of risk you take in order to achieve your long term goals.

Financial planning is so much more than discussions about % returns.

  • What keeps you awake at night
  • What is the best way to structure your investment and retirement
  • What cashflow needs do you have for the next 12 months
  • What health or family issues need special considerations
  • How can I access ethical investments
  • How can I grow my wealth without risking everything

Its these types of issues that we work through with clients over many years as out relationship is not transactional – its generational.

The Financial Advisers are GNS are authorised by Count Financial Limited. Count is not owned by a bank, they don’t manufacture inhouse products and are actually owned by one of the largest accounting networks in Australia and listed on the share market – CountPlus Ltd.

Talk to our Financial Planning team today    

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Aged Care Options

Aged Care Options

As much as we may not like to admit it, we are all getting older.

And inevitably we all need to consider the options for our twilight years, be that considering moving into one of the many aged care facilities in Melbourne, or simply remaining in the family home.

Often when we raise this topic with clients, its not just to discuss what your care preferences are for dear old mum or dad, but also for you and perhaps your spouse later on down the track.

There are many different options to consider, so let’s look are some of them:

Staying at home

Many people like the option of being able to stay at home, some stubbornly so. The familiarity, comfort, security and sense of independence are all things which understandably offer great appeal, much more so than an aged care agency. if this is part of your plan, the great news is that there are many different options to support you in being able to stay at home for as long as possible.

Government calculations show that it is cheaper to offer and provide in-home aged care services than to have you move into a higher level of care with permanent professional assistance, so no one is forcing you out of your home.

Various types of assistance are available, some are offered free of charge, some at heavily subsidised rates, and there are always paid personal assistance options. This can also be psychologically far less stressful than considering moving an elderly relative into one of the many aged care services Melbourne has to offer.

Many councils, aged care agency entities, and other government agencies offer in home assistance – whether it be meals-on-wheels, or assistance with cleaning tasks. These are complimented by many religious institutions and community groups willing to help those in need.

There are also some great aged care service agencies who can arrange personal careers such as nurses, facilitate drivers to attend doctor appointments etc, domestic chores such as cooking, cleaning, shopping and washing. This paid outsource solutions can work very well as you know you are dealing with professionals, tailored to assist elderly and frail patients, who have ready solutions to accommodate changing needs. Whilst coming at a cost, it’s a great option for relatives too, who may not live nearby, or lead busy schedules and cannot afford the time away from work, or may not have the necessary skills or health to be able to assist their family.

And of course there is always family/friend assistance. Generally children assisting their parents, but it can also be other family members such as siblings and grandchildren etc. There are also many friendly neighbours who have become close friends over the lifetime of living next door to each other.

If you are considering involving an agency, it is important to select an agency that meets not only the needs of the individual, but also your requirements.

 

Retirement Villages

Whilst not for everyone, retirement villages have come a long way. Often seen as a place to co-habitat with other older downsizing residents, the types of facilities and their features are very diverse. To avoid the clichés of Retirement Villages, many call themselves independent living units or lifestyle units. Melbourne has many of these facilities located all over, some of which are in our own backyard, near our offices in Ivanhoe.

Many places restrict entry to over 55’s, which by current standards is anything but old. Whilst you may still be working full/part time, the option of downsizing and living a more simple life without all the maintenance headaches does have appeal. A community feel, with group activities and functions, combined with a communal meeting venue or clubhouse as the often have, gives residence instant opportunities to try new things and meet new people.

In most facilities, you do not own the home or room, but instead buy a right to occupy licence. Prices vary drastically depending on location, services offered, demand, size, features and quality of the building. Amounts in excess of $400,000 are certainly common.

And when it comes to the finances, reading the fine print is super critical. Almost always there will be a deferred management fee (or other names meaning the same thing) which is a fee paid when you leave the facility and the property is re-sold to the next occupant.

The amount of the fee is determined by the length of occupancy, and often hits a maximum fee of about 30% around year 10 – ie 3%pa with a 10 year maximum. There can also be marketing and agent fees deducted at the time of sale, along with any make good requirements such as painting and carpet.
So forget the thought of being able to sell your retirement village property for a profit down the track, as all these fees add up to be virtually the same as the original purchase price – so you get your money back roughly.

 

Assisted Living Units

Very similar to retirement villages, and often within the same facility, the managers will provide residents access to some additional services above what an independent living offers. Perhaps it might have on-site nurses who can attend if required to administer medication etc. They may have a communal dining room to avoid the need to cooking either on a permanent or when you feel like it basis. They might arrange for a bulk billing doctor to attend the facility once a week for scheduled checkups etc.

These extra services are usually on a user pays basis, so if you need it, they are always available, but just at a cost.

 

Aged Care Hostels & Nursing Homes

There are a lot of confusing and similar sounding terms when it comes to hostels and nursing homes, so for simplicity, we will use laymen’s language to give you some basic ins and outs, but the team at GNS Group are happy to run through some more specifics with you and your family to understand your situation and guide you through the maze of options. Simply book an appointment at our Ivanhoe offices with one of our friendly, expert staff.

Aged Care Hostels are for people requiring low levels of personal care. With permanent on-site nurse and attendant care to assist where and when required for things such as eating, mobility, bathing, toileting, dressing, administering medication etc.

They are secure facilities, as some of the residents may be suffering from dementia related conditions, so the residents are not able to freely leave, unless accompanied by family or friends and arranged with management.

Nursing homes are for people with higher levels of personal care needs. Without being able to eat, move, bath, dress yourself or go to the toilet, permanent and frequent nurse and attendant care is essential.
They are secure facilities, and the residents typically do not leave the facility as family may not have the requisite levels of care or training to be able to assist such a high degree of needs.

24hour care such as this does come at a cost, and for those residents in receipt of the government age pension, most of this is paid to the facility manager for their care. Depending on what other assets or income sources you have, an entry fee may be required (which is largely refunded upon leaving).

 

The amount you pay is determined by 2 things:

What type of facility you are entering and your financial classification.
Entry to these facilities can be funded either through paying a lump sum bond, making periodic monthly payments, or a combination of both options.

All facilities offer a variety of ‘additional’ services above what would be required for basic care. These extras come at a cost. Facilities are also required to list the entry cost of each room on the government website https://www.myagedcare.gov.au which acts a bit like a realestate website, where you can compare one room/facility to another to see what the asking price is, and what you get for that price.

Besides the extra services that you may select, you may also have to pay an additional fee if you have additional financial assets or income which could help cover the cost of your care rather than relying upon subsidised government funding.

Working through this means testing and the many options available to you and your family is where the team at GNS Group can add value and assistance to what may be a difficult and emotional time. Please contact us today to see how we can help.

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Home Loans

Home Loans

Whether you are buying your first home, a replacement home, or an investment property, sticking your hand up at an auction and signing on the dotted line can be a daunting time. Plenty of excitement around your new purchase and often some uncertainty – did I do the right thing? Have I paid too much?

One thing that you’ll then be faced with is – which Home Loan?

Comparing one Home Loan to another is a bit like comparing mobile phone plans. They make it all so confusing with features, included services etc, it’s a real challenge knowing where to begin.

Through our finance company – GNS Plus Pty Ltd, you have access to a variety of home loan solutions.

If you have never used a Mortgage Broker before, here is a quick run-down:

Your Broker is working for you, not the Bank. Brokers have the skills, experience and tools available to get you a good deal, explain all the different options and make recommendations to you on how to maximise your repayments and to cut your interest bill.

Our GNS Plus Lending Manager has access to over 30 bank and can evaluate what is best for you from:

  • Variable/Fixed Rates
  • Owner Occupied/Investment
  • Residential Commercial
  • Offset/Redraw
  • Line of Credit
  • Constitution Loans
  • Interest Only/Principle and Interest
  • SMSF Gearing
  • Reverse Mortgages

The benefit for you is we do all the leg work and shopping around, so you can relax knowing you’re getting your finances sorted.

Contact Paul on 9499 7444 for a complimentary consultation to assess your borrowing power.

Paul Tsikopoulos is a credit representative 522646 of BLSSA Pty Ltd ACN 117 651 760 (Australian Credit Licence 391237)

 

 

Home Loan Tips

Refinancing your home loan

A GNS Plus Lending Manager can review your current home loan to ensure you still have the right product for your needs. Don’t assume that just because your loan was once competitive, it still is. Interest rates change and different types of loans are always entering the market. They will:

  • assess your current interest rate
  • assess your repayment level
  • assess your financial situation to determine whether a better deal can be sourced saving your money, and helping you pay off your loan faster
Tips to pay off your home loan faster

Select a home loan that meets your needs. While the rate is important, it is more important to have an appropriate level of flexibility and function.

1) Pay off as much as you can, as often as you can.

2) Avoid loans that penalise you for making extra repayment

3) Avoid ‘honeymoon’ loans that revert to a higher rate after the ‘honeymoon’ period is over.

4) Avoid loans with high exit costs.

5) Deal with reputable organisations

 

Fixed or variable interest?

This really depends on your current financial situation. A GNS Plus Lending Manager can help you select the right type of loan, building in the cost of every-day living to determine how much you can afford to repay each month.

There are advantages and disadvantages of choosing fixed and variable interest loans, and they are assessed on a per client basis.

Options to consider are:

  • fixed interest loan
  • variable interest loan
  • loan comprising of part-fixed / part-variable interest

Remember however, that if you elect to split your loan into part fixed / part variable, make sure you don’t incur two monthly loan maintenance fees instead of one.

 

Hidden home loan costs

There are many costs associated with taking out a home loan, which don’t relate to the price of the property.

These hidden costs include:

  • Lenders’ fees, including loan application and establishment fees
  • Government charges including stamp duty on property purchase and mortgage, and title fees
  • Legal expenses
  • Inspection costs

Buying your first home

Buying your first home is one of (if not) the biggest financial commitments you will ever make. Stay well informed of what is involved so you don’t make any rash decisions.

Good financial planning advice from your Count adviser combined with the advice from a GNS Plus Lending Manager, can save you thousands of dollars off your loan and help you own your home sooner!

 

Can you afford to buy a house?

A credit provider must ensure you can afford to repay a loan without suffering undue financial hardship before lending you any money.

The total amount that you can borrow is determined by three factors:

1) The value of the property you intend to purchase; and

2) The funds you use towards the purchase; and

3) Your borrowing capacity or “serviceability”. Serviceability is your ability to meet loan repayments, and will depend on your income and existing financial commitments. You will need to provide evidence of a continuous stable income.

 

You must have a budget!

Budgeting your income carefully and understanding your spending habits will help you make regular loan repayments and own your home that much sooner!

Paul Tsikopoulos is a credit representative 522646 of BLSSA Pty Ltd ACN 117 651 760 (Australian Credit Licence 391237)

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Investments

Investments

Financial Adviser Ivanhoe

You are never too old nor too young to invest, or to seek investment advice. Similarly, the saying that it is the time in the market, rather than trying to time the market, which should always be remembered.

None of us have a crystal ball of what will happen in the future, but there are some key tools which we use when offering advice to clients, that help to deliver appropriate and risk adjusted returns over the medium to larger term.

So what exactly can you invest in and how can the GNS Team help you achieve your investment goals.

 

1. Cash and Bank Accounts
Relatively simple to understand, low risk, low interest rates, but your money is generally available ‘at call’ or when you need it. Great for day to day transactions.

 

2. Term Deposits
Again, quite a simple to understand investment, with a low level of risk, money is likely to carry a government guarantee depending on the amount. You get to nominate the term (length) of the term deposit – typically 30, 60, 90, 180 days or 1,2,3,4,5 years. The Bank will pay a fixed rate of interest for the length of the term. You can cash out a term deposit before maturity, but you will need to give the bank 31 days notice and you will also lose any accumulated interest.

With all of these strategies, your adviser should help to determine what is most suitable for your situation. At GNS Group, our financial planning team, based in Ivanhoe, have some of the most knowledgable investment advisers Melbourne has to offer. Please contact us today to book an appointment to discuss your requirements.

 

3. Bonds
Generally buying a bond directly is out of reach for most of us. Most bonds trade in $500,000 amounts, although there can be opportunities to buy in smaller amounts. So what is a bond – generally issued by a Public company, a Government, or a Government agency – will be for a fixed term, have an identifiable asset as security for the bond and can offer either a fixed rate of interest or a floating rate of interest. Typically, closed as a conservative investment due to the predictability of returns, the biggest variable will be the interest rate offered. This is determined by the quality of the organisation, the type of security being offered and the length of the bond term.

If you don’t have $500,000, don’t lose heart. You can still access bond investments via a bond managed fund. Your money is pooled with other investors to collectively get far in excess of $500,000 and to be then able to have multiple bonds in a portfolio to give you diversification and to minimise risk. Your money will also be professionally managed again giving you an advantage over choosing bonds yourself.

To help you select an appropriate bond fund, talk to a GNS Financial Adviser Ivanhoe today.

 

4. Hybrid Shares
Are part share/equity and part debt. Usually listed and traded like normal shares, hybrids will pay a fixed or variable interest payment or an unsecured Note. Often these notes will convert into ordinary shares at some future time if not redeemed by the issuer.
Being unsecured, they will carry a higher interest rate than a bond due to the increase risk associated with them. Many investors have treated these investments as a Term Deposit on steroids, and discounted many of the risks of hybrid shares. The regulator ASIC has raised this as area of concern.
Hybrids do play an important role in an investment portfolio, but care needs to be taken, this is where a GNS Group Financial Consultant can assist. If you are based in Melbourne, we recommend coming into our offices to discuss matters further.

 

5. Shares
Most of us have shares either owned directly or as part of our super funds. Being a shareholder means you are a part owner of a business, and as a result you share in the profitability of the company. If the business suffers a loss or even a expectation of a lower profit, then your shares can decline in value and can even become worthless should he company enter bankruptcy.

It is for this reason that shares are the most volatile form of investing, but history tells us that over the longer term, share based investments perform very well.

The trade off between risk and return is something that the team at GNS Group spend considerable time discussing with clients, and should only be considered for long term investments.

Shares will also pay out some of its profits as dividends. Profits earned in Australia will have been subject to company tax at 30%, and this 30% tax can be passed on to shareholders as an Imputation Credit or a Franking Credit, this is done to avoid double taxation.
The Financial Advisers at GNS Group can assist you with both share recommendations and placing the trades for you. As a trusted consultant, this is what we do regularly for our clients.

 

6. Managed Funds
These are a great way to increase diversification, by pooling your money with many other investors to access investments and markets that cannot be easily and cheaply obtained directly.

Whether it be to start off with a small balance, or to get exposure to a particular type of investment, Managed Funds play a role in most people’s investment portfolio.

Besides choosing the asset class – ie (Aust/International) shares, property (Aust/International), Fixed interest (Aust/Int), cash, commodities, infrastructure etc, it’s also important to consider the style of fund manager – Growth, value, income, active, passive etc. Each have their role to play and this is where a GNS Group Financial Adviser can add real value. We will understand what your goals are and how best to reach those goals through appropriate investing.

Selecting the right consultant to help you on your investment journey can be a challenge. We pride ourselves on our ethics and knowledge and always like to meet face-to-face with our clients (if they are based in Melbourne) in our Ivanhoe offices. However, if you are located interstate, a phone call to discuss your requirements is perfectly fine.

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Life Insurance

Life Insurance

Let’s face it, no one like talking about death, but is going to happen sometime.

And while living well in to your 80’s or 90’s is not an unrealistic expectation, the reality is some of us won’t make it that far.

If you were not around, what impact and changes would that mean for your spouse, children, family and co-business owners.

If you were to die would your family be financially better off, worse off, or the same?

Life Insurance won’t bring you back, but it will provide a lump sum to clear a mortgage and other debts such as business loans or credit cards, cove the funeral costs and most importantly provide a remaining lump sum which can be invested to replace your lost income earning capacity

So how much is enough?

This is where working with GNS Group can make the process so much easier. GNS can cut through the fine print of different policies to make sure you get what you pay for, understand what is important to you, compare different policies and features and in most cases, there is no requirement to do a medical.

It is also important to understand the best way of owning your policy and funding the premium costs.

Should it be inside super or non super, what about your business paying the cost of the insurance? It is not just an issue around cashflow and who is paying the cost, but also tax needs to be taken into account as you might see a big chunk of your Life insurance payout heading to the ATO rather than your desired beneficiaries. This is where the GNS team can help to explain all of the different options and recommend the most suitable course of action for you and your family.

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Retirement Planning

Retirement Planning

Retirement Planning Ivanhoe

The thought of retiring, or planning your retirement can be daunting and frightening for many of our people. The absence of a daily structure and routine that paid employment provides can cause some anxiety let alone some concerns over how your finances will be impacted.

For many others, the sense of freedom to do what you want, when you want, conjures aspirations to do all of the things you have never had the time to do previously. Whether that be: travel, grandchildren, hobbies or just spending some more time with a special someone, retirement can open up plenty of opportunities.

No matter how you may be feeling, there are some common areas that need to be addressed for everyone, and the team at GNS Group, based in Ivanhoe, have seen all of this before, and are here to help guide you on the path towards retirement and discuss planning your retirement with you.

But how do we do this?

Firstly we need to understand a bit of your background: family life, work history, any remaining debts, superannuation and investment balances, special needs for you or your family and an idea on what your hopes/goals for the future are. A retirement planner needs to understand your unique circumstances in order provide the best advice.

A face to face consultation in our Ivanhoe offices (if you are based in Melbourne) with one of our retirement planners is also recommended. However an initial phone consultation is perfectly fine.

We then use our experience to set some realistic expectations on investment returns and available retirement income sources. We will work with you to prioritise your goals give you clarity over what actually is possible.

Finally, we implement our advice to make sure that you are appropriately invested, taking into account your risk tolerance, income needs and time frame. We’ll explore what Centrelink support is available to you to supplement your own income and assist you in reviewing your retirement budget. All the while, holding your hand through the transition into retirement.

And whilst we are talking about Transition To Retirement, you may not be up to speed on what is possible (that’s ok – GNS are up to speed for you).
Some years ago, the government changed the rules in relation to starting a pensions, not a Centrelink Age Pension, but rather your own personal superfund and commencing a pension. No longer did you have to be permanently retired to commence a pension.

When it comes to all of this – planning your future – you need to make sure the planner you’ve chosen to work with understands your situation and how any changes could impact your retirement.

We welcome you to book a consultation with one of the best and well-informed retirement planners Ivanhoe has. Contact us today.

Nowadays, once you are over the age of 56 (slowly increasing to age 60) you can commence a Transition To Retirement (TTR) Pension even whilst you are still working. Originally the plan was meant to be once you hit age 55, you may what to start dropping a day or two of paid work, but you still wanted to maintain the same standard of living and income. So the government allowed a TTR Pension to be commenced, where you could elect to receive between 4-10% of your super/pension balance annually as a pension payment.

Although this pension income was taxable income (at least in part) it was a viable option for those scaling back for retirement.

But then some clever advisers, including those are GNS, worked out the rules did not actually require you to be reducing work nor have firm plans to ‘transition to retirement’. In fact, all you had to do was meet the age requirement, and then roll over your superannuation balance into a pension fund.

There are many different strategies available to assist every Australian approaching retirement, but the important things to remember are:
Seek professional advice from a Financial Adviser such as those at GNS Group
Make sure they understand your needs
And that they will be available to guide you through the process.

Contact our office today for an obligation free consultation to see how we might be able to assist you.

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SMSF's

SMSF's

SMSF Ivanhoe

Lots of people get excited by the thought of setting up a self managed super fund, and we are certainly big fans of them. But it’s certainly not for everyone.

We spend considerable time with our clients, not just those from Melbourne, but all over Australia, exploring all of the options and education them on the alternatives before making a recommendation to establish a SMSF.

A well-thought out smsf investment strategy that suits your situation is vital when considering this as an option.

We feel too many people are seduced by slick salesmen with properties, loans, incorrect smsf strategies and get rich quick schemes – and are very sceptical of these arrangements as a result. But a smsf setup that is tailored to your needs can certainly work in your financial favour, however a sound strategy is required to ensure it works for you.

 

Here are some key points:

Self Managed Super Funds allow up to 4 members and are governed by the same type of rules that apply to public super funds.

SMSF’s certainly give the members absolute control and discretion over how they invest their retirement nest egg, but this does not mean you cannot seek professional assistance from the team at GNS. If you need guidance with the smsf setup process, book a consultation at our Ivanhoe offices, we’re here to help.

Being able to make an investment in Term Deposits, listed shares, managed funds and residential/commercial property comes with a lot of attractions, particularly if you are borrowing to invest or a small business owner looking to pay rent to your own SMSF.

Because the government gives so much flexibility to SMSF’s, you are required to lodge an annual tax return, prepare financial statements and most importantly, subject yourself to an annual compliance Audit. This is where the GNS team can further assist you in meeting your compliance obligations.

Generally, as part of our investment strategy for you, we would not recommend setting up a SMSF with less than $250,000 as the annual compliance cost would outweigh the benefits in many situations.

Besides the flexibility of investment and control that we mentioned earlier, another big advantage that comes with a SMSF is the benefit of TIMING.

Having control over when to sell an asset and trigger a Capital Gains Tax event can have a major impact on your overall performance.

Eg- selling an asset inside 12 months will not allow access to the CGT concessions, similarly selling an asset on 29th June will mean the tax is payable this year, whereas selling on say 2 July means you can hold onto an investment for longer before paying the CGT to the ATO. The same principle holds true selling before the commencement of a pension where Capital Gains Tax applies compared to waiting until after a pension has commence and no CGT is payable.

The benefit of timing cannot be underestimated as a great way to enhance your returns and should be a consideration in your assessment of the pros and cons of a SMSF.

Based in Ivanhoe, in the north-east of Melbourne, the team at GNS Group, spanning Financial Planning, Tax Accounting and Audit have all of your needs met and can answer all of your questions regarding these types of financial services, including the self managed super fund property investment rules, as we are members of the SMSF Association.

Our strength lies in our ability to tailor an investment strategy that is best suited to your needs.

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Superannuation

Superannuation

Superannuation really should be fairly straight forward, but instead all governments like to tinker with it.

So here are some of the basics:

  • When you are working, your boss will contribute 9.5% of your wage to your superannuation as a minimum.
  • This money is generally taxed at 15% on its way into your superannuation Account.
    Once added to your Super Fund, it is invested and preserved until you retire.
  • Under the current rules, if you start a pension after the age of 60, your pension payments will be tax free to you.

Now that you have a few of the basics sorted out, let’s look at a few more of the important issues in a bit more detail.

CONTRIBUTIONS:

Whilst your boss will pay a minimum 9.5% into your Super Fund, you can decide to make additional superannuation contributions. This is generally done as a Salary Sacrifice, where you give up some of your wage and have that paid into your Super Account.

So why would you do that? There are 2 main reasons; you want to put more money aside for retirement and often the biggest driver – to save Tax.
Both the compulsory Super (9.5 %) and Salary Sacrifice amounts are treated as Concessional Contributions. This means they are subject to Concessional Tax Rates – generally 15% (for high income earners > $250k it’s 30%). Paying 15% Super Contributions Tax compares very favourably to wage taxes of 19-47%.

So as you can see, popping some extra cash into Super can be a smart strategy.

We mentioned Concessional Contributions just before. Getting a Tax break on Super Contributions does come with some restrictions. Depending on your age, there are limits on how much money can go into Super each year at the lower Tax rate of 15%.
The maximum Concessional Contribution is $25,000 for all workers aged under 65.

Many people will work backwards in order to get the maximum into Super. Start with $25,000, subtract how much work will contribute as part of your compulsory 9.5% Superannuation (say  you earn $55,000 – your compulsory Super is $5,225) which will leave up to $19,775 that can be salary sacrificed into Super.

As of the 1st July 2017, you no longer need to enter into a Salary Sacrifice arrangement with your employer in order to get extra money into Superannuation, you can now make a personal contribution to your Super Fund and claim this a tax deduction and be entitled to tax credit when you lodge your tax return for the year.

There are few more important considerations and that’s where a GNS Group Financial Adviser can help you to get the maximum super contributions too.

After-tax contributions are called Non Concessional Contributions and go into super tax free and can be withdrawn tax free in retirement as well.

There is also a limit of $100,000 pa or you can put up to 3 years worth of contributions into super in one go ($300,000) so long as you don’t exceed the limit in the next 3 years. Commonly this is referred to the bring forward rules.

An example of how this could be used would be following the sale of the family home, Mary and Jason have downsized and freed up $600,000. Jason has already retired and is aged 66, so he can not contribute to super. Having not made any previous non concessional contributions, Mary can contribute $300,000 this year to super and will keep the remaining $300,000 in her savings account.

Before any large contributions are made, professional advice is always highly recommended to make sure you are maximising the contributions and your retirement savings. This is where a GNS Group Financial Adviser can play an important role in guiding you through retirement planning.

If you are based in Melbourne, we recommend coming in for a visit to our Ivanhoe offices to discuss your option. We are one of the most knowledgable firms regarding superannuation companies Melbourne has to offer, and we’d love for you to take advantage of that.

Should you be based outside of Ivanhoe, or even Melbourne, we can initiate conversations over the phone.

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Proactive

Proatively keeping our customers ahead of the pack.

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Establishing Key Performance Indicators to track the critical success factors of our customers businesses

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Identifying opportunities for our customers business’ growth and improvement rather than simply ‘crunching’ historical figures.

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Charging a yearly, all inclusive fee paid monthly, rather than an hourly rate thus offering you better value and service.

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