Superannuation is not the only option available to provide for your future.A diverse investment portfolio can provide additional income or build towards your retirement goals.Tags: Case Study – Financial Report AnalysisEssays On Influence Of InternetLocke Essay Concerning HumanTheory Thesis WritingThis I Believe Featured EssaysHelp With Homework For FreeCollege Assignment HelpAtt Small Business Plans
Have you ever thought about how the business would survive if you were unable to work for an extended period of time, or if you will have enough savings to live comfortably when you retire?
What about if a key person or partner was to leave or die?
Insurance can play an important role in the protection of your personal life and the life of your business.
There are a few options available to business owners which we may recommend in different circumstances.
You may be paying too much tax currently, or you may be required to pay Capital Gains Tax (CGT) on the total sale of the business if it is not structured to meet your needs.
Superannuation contributions can also play a role in reducing the amount of tax paid while contributing to your retirement savings.With EP Wealth Advisors’ help, you can simplify the process by integrating your business and personal planning— in an attempt to find synergies that may create more personal wealth.This often includes a combination of strategies that may help reduce taxes and enhance the value of your business.Depending on your situation and risk profile, we can advise on a structured portfolio which will meet your needs and give you access to funds when you require it.This is an added benefit when compared to superannuation as withdrawals must comply with a condition of release.Contributing regularly to superannuation not only provides security for your future, it also provides an effective tax strategy as contributions are taxed at a lower rate when compared with your personal income.A tax deduction for your superannuation contributions is made at tax time and contribution caps apply so it is important you stay below the maximum annual cap to avoid the penalty tax.The main insurances we provide people who are self-employed or run a small business are income protection, business expense cover, key person insurance and buy/sell insurance.Business structuring and strategy can make a big difference when you pay tax annually or decide to sell the business in the future.Precision Wealth Advisers understand small business owners' needs and can work with you to put in place a strategy that will protect your interests and all other parties involved.Small business owners must consider the following 5 key points: As you already know, working for yourself means that nobody is contributing to your superannuation and retirement except you.