by Angela Marsden - Tax & Business Advisory Manager | Oct 9, 2018 | News
Did you know that as at 30 June 2018 there was $2.7 trillion in superannuation assets in Australia? So what? Well a portion of this balance is YOUR super.
So many people receive their Super Annual Statement each year, take a quick look and throw it in the 'filing' bin. Super is often misinterpreted as being an investment which can't be touched until you retire. Super is not an investment, rather a structure to hold your retirement investments within. Superannuation Fund's sole purpose is to provide for your retirement. As such, there are large taxation benefits attributed to superannuation funds. These tax benefits allow you to increase your wealth faster than holding investments outside of superannuation and the end result means more for your retirement.
We have helped a number of clients over the years setup Self Managed Superannuation Funds (SMSFs) to utilise superannuation balances to invest in new property ventures. These property ventures have ranged from expanding current farming land to buying business premises. Clients of ours have really benefited from utilising their super balances before retirement to expand their businesses, which has meant more money is kept in their pocket, and less gets paid to the bank in interest; overall - they have more for their retirement.
If you're interested in utilising your superannuation balance to expand your business or overall net wealth, then we have something that may interest you! Come along to our Super Seminar 'Super - don't be late to the party!' or give us a call today to discuss your current circumstances.