It is difficult to convey the actual value of dealing with a Financial Planner or Adviser. I consider myself a Comprehensive Financial Planner, which means that I act as an advocate for my clients in all of their financial dealings. Even that explanation may be difficult for a new client to understand what value I can be to them, so I decided to complete a weekly BLOG of some of the tasks I undertake for my clients on a weekly basis.

If you are considering using me as your Financial Planner or Adviser, I hope my BLOG will help you understand what I can do for you, and if you're an existing client that only uses me for one particular financial service, my BLOG may provide you with a better understanding of the other Financial Services I offer.

Tax Return Lodgement Strategy | $4,000+ Saved

I implemented a Tax Lodgement Strategy this week for one of my Total Service Clients. I finalised this strategy, in conjunction with their accountant, last year, but I implemented the strategy for the client this week. The net effect of the strategy was to save the client in excess of $4,000. Understanding tax strategies, and being able to effectively co-ordinate with a client's accountant, is a key component of my Total Service Client offering, which in this case generated some significant savings.

Age Pension Strategy | $76,000+ Income > $5,650 Tax

I completed a Preliminary Age Pension Strategy for a client. I was able to develop the strategy to enable the client to apply for the Age Pension, and earn about $76,272 per year in income. Whilst the client is not expected to receive a significant payment from the Age Pension, the savings form the Age Pension Concession Card (e.g. Property Rates) alone was worth the effort. And, my Strategy projected only about $5,650 in total Tax Payable for the year on the $76,272 income.

Established a Self-Managed Super Fund

I executed the documents for a client to open their Self-Managed Super Fund (SMSF). I developed a Strategy with the client several months ago, to establish a SMSF, which they will use to purchase their own business premises. The main advantages for this client to own their business premises in a SMSF were:

1. The property will be owned by the SMSF in retirement, therefore it is likely all income received will be tax-free
2. No Capital Gains Tax is likely to be payable on the property's Capital Gain when the SMSF transitions to the Pension Phase (after age 60)
3. Income generated by the property leading up to retirement will likely have a top tax rate of 15%
4. The income generated by the property will not likely affect the clients' Concessional (i.e. tax deduction claimed) and Non-Concessional (i.e. no tax deduction claimed) Contribution Limits - which basically means more tax-effective retirement savings

There Was More But I ran Out of Time

There was a lot more I wanted to include in this week's BLOG, but I just ran out of time (I was too busy actually working on the business, instead of writing about it!). I will try to include a summary of some of the interesting work I have completed for my clients this week, in next week's BLOG. Have a great long weekend.