It would be quite understandable to imagine that the secret to getting where we want to be financially is ‘simply’ a matter of selecting the best possible investments and watching the returns roll in. However, while even that is difficult enough, without careful planning of some important surrounding stratagems, much of our hard work and quality investing may be wasted.
There are a number of financial strategies which apply to the majority of individuals, families and business owners. In particular, proper planning must be applied to tax reduction options to protect monies for you and your family. Here are some of the most important financial planning strategies:
- Minimise, and importantly defer, tax as far as possible and invest the increased cash flow for investment and non-deductible debt-reduction
- Use structures such as family trusts & companies to protect money against third party claims and to reduce tax
- Fully exploit the benefits of Superannuation as a government endorsed tax deduction strategy
- Minimise, or even eliminate, non-deductible debt connected to home purchases and renovations, through the careful management of personal and investment cash flow.
- Put in place an estate planning structure to ensure that assets remain with your loved ones and do not fall into the hands of unanticipated third parties. Structuring your asset planning in simple, considered and effective manner, could mean hundreds of thousands of dollars in future tax savings for the beneficiaries of your estate