As you start accumulating wealth through life, you may start to think about how to protect it, how it will be managed when you’re gone and how to effectively structure it to your advantage.

As we go through life, there comes a time where we start getting serious about retirement and what that might look like. For some, retirement gives the opportunity to kick back and enjoy the fruits of labour. For others, it can be a daunting thought, leaving them wondering; are there are enough funds to last the rest of my life? For most, starting early and staying consistent are the keys to a successful retirement.

Following on from our last weekly on the new Super tax, we have received a number of enquiries on how this potential new tax will apply. Heffron Superannuation have provided commentary on the application of the $3 million cap and 30% tax. Below is their example paraphrased:

It is no secret that planning for the future can be a daunting task, but it's essential to take a proactive approach to ensure a comfortable and stress-free retirement.

One of the most effective ways to achieve this is by contributing to your superannuation account which can provide significant tax benefits, investment growth, and wield the ultimate power; compounding returns. By taking the time to develop a financial plan, you can gain a better understanding of your financial needs and goals, and make informed decisions as you progress through life. Regardless of your investment choices, a solid financial plan can help you achieve your desired lifestyle.

Treasurer Jim Chalmers has opened a conversation on defining Australia’s superannuation system and “vowed to end the super wars once and for all”.