Tax and Accounting
Financial Planning
- Identify key issues
- Determine your objectives and goals
- Compare possible strategies
- Make recommendations
- Implement advice recommendations
- Periodic reviews
Retirement Planning
A good retirement plan will identify your income needs and goals, such as what age you would like to retire, and the assets required to meet these income needs in retirement. Our goal is to work with you to help you achieve your retirement goals so you can sustain the retirement lifestyle you desire.
Superannuation
Superannuation (super) is one way of accumulating savings for retirement and is compulsory for all working Australians. Once you retire this can provide either a lump-sum payment or an ongoing income stream.
The Government has provided some tax advantages to encourage additional super savings over and above the guaranteed employer contributions. Some of these include:
- Salary sacrificing and tax deductable post tax concessional contributions.
- Superannuation income is concessionally taxed.
- Benefits paid after you turn 60 are generally tax free.
When discussing retirement planning, we will outline how superannuation can form part of this planning process.
Building & Maintaining Wealth
The financial planning process doesn’t just focus on building wealth but also maintaining it now and in the future. At George St Planning Services, we believe that an essential part of this is establishing good financial health. Once established regular review plays a critical part in maintaining your financial health.
As your advisers we believe the process of review allows us to assess any opportunities or risks that should be considered and addressed, based on changes in any of the following areas;
- Your personal circumstances – income, family, life stages
- Market conditions – interest rates, currency, market sentiment
- Legislation – taxation, superannuation, Centrelink
Personal Insurance
A strong risk plan analyses your financial needs if you were to have unexpected set back to your most important asset, your health.
We seek to identify, and where possible, mitigate your exposure to financial stress if you were unable to earn an income due to illness or injury or protect your family in the event of a catastrophic incident. Getting the right level and type of insurance in place is critical to reducing your financial risk. These include:
- Life Insurance
- Total and Permanent Disability Insurance (TPD)
- Critical Illness or Trauma Insurance
- Income Protection Insurance (IP)
Centrelink Strategies
Centrelink can be a complex area to navigate, particularly when you may have other investments. At George St Planning Services, we have many years’ experience dealing with Centrelink and can help you maximise your retirement income through the use of available Centrelink benefits.
There are many strategies that can be useful surrounding Centrelink benefits, some of these included the use of annuities and funeral bonds.
Robert has attained specialist accreditation in the areas of Aged Care and Estate Planning which is helpful when navigating Centrelink.
SMSF Strategies
Robert Farr has many years’ experiences working with Self-managed superannuation funds as an adviser and a Chartered Accountant and has specialised accreditation in this area.
His comprehensive knowledge of the structure of SMSF’s and the tax implications associated allow him to provide tailored advice for each individual fund and their needs.
