There’s never been a better time to start planning for the retirement you want

Transition to retirement (TTR) strategies are a great way to boost your super savings while you’re still working. And, with the end of the financial year fast approaching, now is the time to start making smarter decisions about your money.

If you’re already using a TTR strategy, make sure you review this before 30 June to avoid paying any unnecessary tax and ensure you’re making the most of possible opportunities.

Should you do anything before 1 July?

Leading up to the end of the financial year, we encourage you to talk to us about how you can make the most of the current concessional contribution cap* that your cashflow allows.

By doing the most you can now, you can reduce the amount you pay in tax and significantly boost the amount of savings you’ll have to retire on so you can enjoy the retirement you’ve always imagined for yourself.

What about after 1 July?

We encourage you to review your transition to retirement strategy and plan for the year ahead to ensure that you are getting the most out of this strategy.

You should also consult a registered tax agent who may help you make the most of your tax refund.

If you’d like more information on how to effectively plan for the retirement you want, please contact Charles Choong on 03 9654 9886 or Send an email to firstpacificfs@gmail.com. We’ll review your retirement plans and help you work towards achieving a brighter financial future.

* For the financial year ending 30 June 2016, concessional super contributions are capped at $30,000 pa, for people aged 48 or under on 30/6/15 and $35,000 pa for people aged 49 or over on 30/6/15. The Government announced in the 2016 Federal Budget that from 1 July 2017 the concessional contributions cap will be reduced to $25,000 pa for all individuals.

Note: The Government announced in the 2016 Federal Budget a range of measures that could impact the effectiveness of the ‘transition to retirement’ (TTR) strategy in future financial years. Before you decide to use the TTR strategy, you should speak to your financial adviser to asses any impact this proposal could have for you.

Image Sourced From ： Wix.com (Free)

---

Important information and disclaimer

This publication has been prepared by Charles Choong (ARN 244 731) is an Authorised Representative of Professional Investment Services (ABN 11 074 608 558), Australian Financial Services Licence 234 951.

The information provided on this website has been provided as general advice only. We have not considered your financial circumstances, needs or objectives and you should seek the assistance of your Professional Investment Services Pty Ltd (PIS) Adviser before you make any decision regarding any products mentioned in this communication. Whilst all care has been taken in the preparation of this material, no warranty is given in respect of the information provided and accordingly neither PIS nor its related entities, employees or agents shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information.

This document contains general information only. Charles Choong is not a registered tax agent. If you wish to rely on this letter to determine your personal tax obligations, you should consult with a Registered Tax Agent. In preparing this information, Charles Choong did not take into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision, a person needs to consider (with or without the advice or assistance of an adviser) whether this information is appropriate to their needs, objectives and circumstances. Any tax estimates provided in this publication are intended as a guide only and are based on our general understanding of taxation laws. They are not intended to be a substitute for specialised taxation advice or a complete assessment of your liabilities, obligations or claim entitlements that arise, or could arise, under taxation law, and we recommend you consult with a registered tax agent. This information is based on our interpretation of relevant superannuation, social security and taxation laws as at 11 May 2016.