Many business owners have no idea what financial position they need to retire. They don’t know what after-tax income they need to support their lifestyle, or what value their biggest asset – their business – will contribute to their nest egg. Understanding superannuation is imperative to set yourself up for the future, and for others, to have the best possible outcome.
I’m joined by PKF’s Superannuation Partner, David Henriksen who simplifies and breaks down super’s complex nature, to ensure that people have in place the right strategy to achieve their goals now and in retirement.
My key takeaways:
- A business owner has a quarterly obligation to pay super guarantees to their employees and ensure they are calculating it correctly on the right base salary and other bonuses;
- Super can a very strategic area in business and for your employees – especially around recruitment, looking after them through additional superannuation or salary packaging, and keeping your team engaged;
- Ensure you are getting the right advice, that your adviser/accountant is accredited and experienced;
- Make sure you know what you are paying, your limitations and what your default funds are;
- If you like more control of your super and the potential for more investment options – Self-Managed Superannuation Funds (SMSFs) could be for you but again seek advice; and
- Superannuation is a longer-term investment and needs planning – give yourself time!
Enjoy the chat!