Reliable, accessible, responsive...it all adds up to a quality outcome
smsfmatters
Spring Edition 2015
THE NEED TO ADD EXTRA TO YOUR SUPER FUND FOR A COMFORTABLE RETIREMENT
MULCAHY & CO FINANCIAL PLANNING Welcome to the Spring edition of SMSF Matters, giving you a regular update on Self Managed Superannuation Funds (SMSF). This edition includes an insight on ViewSuper, a portal for clients to access information on their SMSF. Also, are you on track to be financially secure now and in retirement? Changes to accessing age pension mean Australians will need more funds for a ‘comfortable’ retirement. Please feel free to contact one of our experienced team members on 03 5330 7200 with any questions or comments on the topics covered. Sincerely, Faye Douglass Self Managed Super Funds Accountant
CONTACT
Thayne Turley 0409 855 876 Faye Douglass 0419 360 660 Elisa Elkins 0418 533 772 financialplanning@mulcahy.com.au
We can help you with • • • •
Review Investments Develop strategies Plan for the future Retire comfortably
Follow us on Facebook
VIEW YOUR SUPER ONLINE
ARE YOU FINANCIALLY SECURE?
Are you making voluntary contributions to your Super Fund? The need for voluntary contributions is going to be more important as you get older. Most people feel the need to reach the $1M mark for their retirement. The updated ASFA figure suggests Australian’s will need to increase their super balances by up to an extra $130,000 for a comfortable retirement, which sets the bar to $640,000 for a couple. Changes to the ‘Age Pension Means Test’, average life expectancy and the cost of living has had an impact on the amount people need to save to secure a comfortable retirement. In particular, adjustments to the taper rate and thresholds for the ‘Assets Test’ has an impact on how people plan to fund for their retirement. While some individuals with relatively low retirement savings will receive a small increase in their Age Pension after 1 January 2017, others will receive a lower Age Pension, or none at all, until they run down their superannuation. As a result, many individuals and couples will require higher levels of private savings for a comfortable standard of living in retirement.
indexation factor is applied to future increases in the Age Pension, those retirement savings targets will increase further.” Given there is an increase in the level of super savings the average Australian will require for their retirement, ASFA considered there was a strong case to increase the compulsory rate of superannuation contributions to 12% of wages as soon as possible. Additionally, many individuals may want to consider making voluntary contributions to increase their Superannuation savings. There can be tax advantages to contributing to super, which will have a long term benefit with the effect of compound interest. According to ASFA the most significant price rises affecting the cost of living for retirees this quarter are automotive fuel (+12.2%) and medical and hospital services (+4.5%). The most significant offsetting price falls this quarter are domestic holiday travel and accommodation (-5.4%) and pharmaceutical products (-1.8%). If you would like to know how to increase your Super Fund, please feel free to contact us on 03 5330 7200 or email financialplanning@mulcahy.com.au
“If there are further increases to the eligibility age for the Age Pension beyond what is already legislated and a lower
Disclaimer: This newsletter does not constitute advice. Clients should not act solely on the basis of the material contained in this newsletter. Items herein are general comments only and do not constitute or convey advice per se. Also changes in legislation may occur quickly and therefore recommend that our formal advice be sought before acting in any of these areas. This newsletter is issued as a helpful guide and for their private information. Some content has been resourced from financialstandard.com.au and supercorp.com.au
ACCOUNTING | FINANCIAL PLANNING | LENDING | LEGAL | INFORMATION TECHNOLOGY 1 | MULCAHY.COM.AU
P 03 5330 7200 | financialplanning@mulcahy.com.au | 300B Gillies Street, Ballarat
NEWS
Are you financially secure? Follow our 10 Steps to Success...visit www.mulcahy.com.au
Great experiences come from great engagement
ARE YOU FINANCIALLY SECURE?
What does being Financially Secure mean?
It means assessing your personal and business goals and developing a plan to achieve these. At Mulcahy & Co we are in a unique position to provide expert advice and solutions such as Accounting, Financial Planning, Lending, Legal and IT all from under the one roof. This makes a normally complicated process seamless to help you on your way to becoming Financially Secure.
ViewSuper, gives Trustees 24/7 access to up to date SMSF information over the web from any device. As a Trustee you can gain real time access to transaction summaries and extensive reporting as well as uploading documents and answering queries that you may have, directly from your preferred device.
Follow our 10 steps to success...visit...
FEATURES
mulcahy.com.au 1. Goals & Objectives
ViewSuper is a Trustee portal, providing real-time information on any device. ViewSuper provides a number of unique features aimed at keeping you better informed, and to help better manage your SMSF: •
Real-time access to fund summaries and detailed information
•
Stay informed of compliance issues through alerting
•
Upload files or photos of source documentation to your accountant
•
Assist in classifying unknown transactions
2. Estate Plan 3. Risk Plan 4. Asset Protection Plan 5. Taxation Plan 6. Debt Plan 7. Retirement Plan 8. Business Plan 9. Superannuation Plan 10. Investment Plan
HOW TO ACCESS VIEWSUPER
PHONE 03 5330 7200
If you are interested in having real time access to your SMSF information we can send you an invitation via email
ayfs@mulcahy.com.au
Contact us today!
#09
SUPERANNUATION PLAN Many people miss out on the enormous tax benefits of superannuation. A Superannuation Plan will ensure you have a strategy to produce greater wealth at retirement.
Thayne Turley 0409 855 876
Elisa Elkins 0418 533 772
Faye Douglass 0419 360 660
ACCOUNTING | FINANCIAL PLANNING | LENDING | LEGAL | INFORMATION TECHNOLOGY 2 | MULCAHY.COM.AU
P 03 5330 7200 | financialplanning@mulcahy.com.au | 300B Gillies Street, Ballarat