Pharmaceutical Accounting, doctors financial, dentistry students, Medical Accounting

• We conduct a full health check of your current financial circumstances. Apart from all the typical financial information we gather, we take the time to fully understand your current needs, future goals and aspirations, as well as your personal level of risk tolerance.
• We analyse the information we gather and identify any shortfalls or missed opportunities in your current arrangements.
• We develop your Financial Plan as a cohesive whole, ensuring it is integrated with your taxation strategies and specifically tailored to your personal circumstances.
• We furnish you with specific, realistic recommendations in plain English, so that you can make informed decisions.
• At your request, we will take responsibility for implementing your Plan.
• We have, at your disposal, access to a vast network of strategic alliances that can link you to industry financing specialists, products from a choice of rigorously selected and continuously monitored preferred providers, and specialist legal expertise when required.
• We regularly review your Financial Plan to take account of your changing circumstances as you move through different career and life phases, as well as changing trends in the broader economic landscape.

Whether your immediate priority is a reduction in tax, building an investment portfolio, or you're interested in wealth building through superannuation planning, we can come up with the best strategy to achieve optimal results.

Portfolios

Your portfolio is the sum total of your investment holdings. There are only three asset classes - property, shares and cash. Asset allocation is the term used to refer to how much of each comprises your portfolio.

We look at all your assets as a family group to ensure your portfolio is balanced for optimal risk management, as well as your personal tolerance for risk.

Commonly, investors want to invest in the share market when markets seem to be on a stable and upward path, and want out when they decline. Consider this, though. Assuming interest on borrowings is 7% and you are on the top marginal tax rate, the after tax cost of that interest is less than 4%. It follows that provided the share market returns above 4%, you are ahead; and it is a fact that over time the share market typically returns an average of 10-12%.

For almost all of us, superannuation will be our biggest and most important asset. With life expectancy increasing all the time, your superannuation may have to fund your retirement for several decades.

The lifestyle benefits that early professional and expert planning can deliver cannot be overstated. Salary sacrificing to superannuation builds your asset base, minimizes your income tax liability and takes advantage of generous taxation concessions.

As a high income earner we can show you the significant difference substantial salary sacrificing can make to your financial and lifestyle goals. With so much of the future riding on decisions made now, we strongly advise you not to go this one alone.

SMSF's offer many potential benefits to high net worth individuals, which is no doubt why they are expanding in the market at such a huge rate. These include:

• Greater control over the fund's investment strategy. For most people, superannuation will become their biggest asset. You should know exactly where your money is and have control over investment decisions.
• Greater flexibility in investment choice, allowing investment in things such as direct property, small business and art.
• Advantages for estate planning. Up to four family members can be included in the fund at any given time.
• In some circumstances the SMSF can purchase assets from other members of the fund, allowing better consolidation of investment assets.

Like conventional super funds, SMSF's can also be used as a vehicle to accumulate superannuation benefit whilst employed and beyond. Please go to Tax Planning Products below for more information.

We can advise you whether the benefits to you, in your particular circumstances, outweigh the set up and compliance costs. Should you choose to proceed, we can take care of the set up process for you, as well as managing ongoing compliance obligations.

Basically, wealth is built through the taxation system by utilizing tax effective options to convert non deductible debt (e.g. home debt) into deductible debt.

To do this, money that would otherwise incur a tax liability must obviously be invested, and all investments carry some degree of risk.

Managing risk amidst the dynamic nature of taxation regulation and an ever changing economic landscape, is what makes your choice of financial advisor so vital.

No need to transfer your funds into offshore accounts. Thanks to a shrinking tax base and an aging population, successive governments have done a lot to encourage retirement savings. The result has been to effectively deliver a low tax vehicle which converts into a zero tax vehicle at age 55.

Even if you are nowhere near this age, given that super contributions are taxed at 15%, it is the most tax effective investment product available.

From age 55 your super can be converted into a pension fund. The income drawn from the pension fund will be tax effective and completely tax free after age 60. Many people assume they have to retire to start taking advantage of this. Not so.

If you convert to a pension fund at 55 and continue working, it's not difficult to see the benefits of drawing down a tax effective pension whilst salary sacrificing the same amount back into your fund. Effectively, you would reduce your marginal rate to 15% on the money going in and limit the tax on that coming out – not a bad outcome for a value neutral transaction.

If you're not already taking advantage of this legitimate tax haven, we can show you the most strategic way of setting up a pension fund.

These are usually 100% financed and 100% capital guaranteed. They can suit investors who are at an early phase of their careers, allowing them to start building wealth through tax minimization before amassing any investment capital.

They can also suit cautious investors, given your capital investment is fully protected. Even investors with a high tolerance for risk should consider their use as a hedge against sudden market volatility:

Periodically, the Tax Office issues rulings that grant tax concessions to investors in specified industries.

These can represent one off opportunities to vastly accelerate wealth building. Clients often can't believe it when we explain the current concession for approved investment in the forestry industry. With 100% deductibility on your total initial investment, here's how well it can work:

I had a client who invested a million dollars in this. He never had to come up with a cent because it was 100% financed. He got back in his hand a GST refund of $100,000 and an income tax refund of $465,000. So he has $565,000 in his hand to use towards implementing our recommended strategy.
Daniel Stefanetti, Partner

The Tax Office grants concessions to encourage investment. In the forestry industry it is because it is in the nature of trees to grow slowly and therefore in the nature of early returns to be low. But trees do grow, and are harvested for profit, so there is a sound commercial foundation to the investment as well.

The Victorian Olive Oil Project is an example of a business initially created to take advantage of taxation concessions that has grown into a commercial success in its own right.

Taking advantage of concessions then granted for olive farming, we set up a managed investment scheme in what was and is essentially a joint venture between the Grimsey partnership and investor clients.

It has now grown into the tenth largest olive oil orchard in Australia, so successful that our third product release was snapped up solely on its merits as a commercial investment, being offered after the tax concession had ended.

Consequently, it is no longer available to new investors, but if you would like to find out more about this Project, please take the above link to visit their web site.

Do you have complex investment or business structures, or a self managed superannuation fund? If so, a simple Will may be inadequate to ensure the wealth you have built passes as you intend.

Moreover, good estate planning looks beyond the distribution of your estate to the ongoing position of your beneficiaries. For example, superannuation and testamentary trusts are both vehicles that can minimize the tax liability of your beneficiaries.

We use the term 'estate planning' here to refer to all exit strategies. So, depending on your circumstances, you may also need a business succession plan or a plan for transitioning smoothly into retirement.

Whether it comes to ensuring your retirement income is as tax effective as possible, or making arrangements to liquidate your business interest by 3rd party sale, buy out or family transfer, early planning and sound preparation are key – both for maximizing wealth preservation and for minimizing potential partnership and/or family disputes.

Our expertise can help to ensure a smooth and equitable transition of your interests whether that process is triggered by planned retirement or unforeseen events.