Investment Advice

Investment advice isn’t just for the elite few who are already wealthy, anyone can benefit from professional, informed advice. If you are just getting started financially or if you don’t yet have any investment assets, we can show you how to get a savings plan going and how easy it can be to get your own investment portfolio off the ground. As you grow your investments and your circumstances change, we can show you how to expand your plan to have a more sophisticated edge that targets specific goals. This is also an ideal time to look at protecting your wealth from the unexpected through simple insurance protection plans. When retirement is on your horizon, our expertise can guide your investment plans to meet your changing needs. As earned income is replaced with investment income you will really see the benefit of the retirement plan you established years earlier. Our expertise in understanding investment opportunities to meet your financial goals at any life stage can give you the advantage you need to reach your goals sooner and more securely. Here are some of the key strategies and products we can help you with.

Managed funds

Managed Funds can be a powerful investment vehicle for building a portfolio because they allow you to pool funds with other investors, so that you can access a broader set of investment opportunities. They provide you with a simple way to diversify your money across a variety of assets such as property, domestic and international shares and cash. You can benefit from the expertise of specialist investment managers, who are motivated to achieve results in a competitive marketplace. Managed funds offer a variety of approaches, from broad based funds that give a mix of asset classes, to more specific funds that can target geographic regions, single asset classes or particular industry sectors. Our comprehensive research can help you select the funds that best complement your risk profile and your goals.

Term deposits

Term Deposits are a useful tool for providing a relatively low risk component in your portfolio, or for delivering a predictable return for a specific period. Term deposits give you the certainty of a declared rate of interest over a fixed period. They usually offer a higher interest rate than everyday savings accounts and can be set up for short or medium terms. We can guide you to find a good rate and balance the use of this asset class in your portfolio mix. Investing directly in shares To give you a higher level of personal control in your portfolio, we can facilitate direct investment in specific shares. This gives you a more ‘hands on’ aspect to your portfolio and can be mixed with other forms of managed investment to create a portfolio balance that is uniquely yours. Some investors like the immediacy of seeing their investments perform day to day, others are not comfortable being exposed to the ebb and flow of fluctuating markets, so direct share investments can play an important part in a diversified strategy. In some cases, shares can also give you access to tax benefits through franking credits, if the companies you invest in have already paid tax on their profits. There may be capital gains tax benefits if shares are held for more than 12 months. We can show you different methods to effectively incorporate direct share ownership into your portfolio so that it complements your other investments and financial goals.

Diversification strategies

Diversification is a key aspect of a sound long term portfolio, which can help you reduce investment risks and capture positive market movements. We can help you achieve the right balance of diversification.

Dollar cost averaging

We can show you how to implement a further level of diversification through dollar cost averaging strategies. Put simply, this involves drip feeding a set amount into your investments on a regular basis to help mitigate the impact of natural market fluctuations. This strategy works on the principle that you will ‘average out’ your buy in price if you maintain a steady pattern of deposits.

Gearing strategies

Geared Investments For those who have some investment assets already built up, we can help you design a gearing strategy that uses your equity to enable you to borrow to make further investments. While this strategy naturally involves a degree of risk, it can be an effective way of accelerating your investment potential. Our expertise can help you implement various investment strategies in a measured way, appropriate to your investment goals and risk profile.

Retirement Advice

Retirement can be both a time for exciting new changes in your life and a time of uncertainty about how you will manage your income and expenses. You may be looking forward to spending more time on those things that you have dreamed of, such as travel, leisure pursuits and family time. But how will you plan your income flow and spending? How will you make sure you retain independence without running out of money?

Planning ahead is a way to maintain balance between your lifestyle and your financial resources - and the earlier you start the better. Perhaps more than any other stage in life, the decisions you make (or the ones you neglect) in planning your retirement years can make a huge difference to your retirement lifestyle.

Some experienced know-how on the complex issues surrounding retirement finances is where we can help. We can guide you through the social security, taxation and investment aspects and help you to reach your retirement goals.

The best time to start planning retirement is actually long before you get there. If you are aged 55 or over there are specific opportunities in the tax system, which allow you to structure your finances to potentially save thousands of dollars in tax. This is known as a transition to retirement (TTR) strategy.

A TTR strategy involves you drawing upon part or all of your superannuation as an income stream through a TTR pension, while you divert more of your earned income toward your super. The strategy aims to have a neutral impact on take home income now, but a significant reduction in the tax you pay and the growth of your super. Alternatively, you can use this strategy to help fund a reduction in working hours, so that you ease into retirement many years before you actually take the final step.

Our clients find that our sound retirement advice opens a window of opportunity in the lead up to their retirement.

Once you reach full retirement, your strategy for prolonging and maximising retirement income becomes paramount. Life expectancy is increasing and you could easily be relying on your income to last 20 years or more. It is critical to coordinate the taxation, social security and investment aspects in a carefully structured plan.

Our role is to act as your guide and mentor through what can be a daunting change in your life. The sooner you start, the greater scope you have to utilise all the strategies available to you and the results we can achieve may surprise you!

An important part of most people’s retirement income strategy involves the use of Centrelink entitlements, such as the age pension.

Understanding your entitlements can be a complex operation, which takes into consideration your home ownership situation, your investment assets and your income flow. It is important to coordinate any application for benefits in tandem with your investment planning, so that you are not missing out on benefit payments.

Central to the age pension system are the two means tests that are applied to your assessment – the income test and assets test. You can benefit from our intimate knowledge of this system and how these tests are applied, in order to create the ideal income situation. Ongoing management is essential to make sure changes in your circumstances are monitored and your entitlements are maintained.

Superannuation / SMSF Advice

From the day you start work to the day you retire, superannuation contributions form the basis of a great financial plan. The favourable tax concessions on contributions and investment earnings make it an attractive structure for growing your wealth. When you are starting out, building your super contributions gives you a powerful way to take advantage of compounding returns.

As you move through your working life, you can look at more sophisticated strategies for accelerating your super through salary sacrificing or self-managed funds. In the approach to retirement, you can take further advantage from strategies that provide more tax benefits in the transition to retirement.

Our strategic advice can be an invaluable tool to help you identify the benefits available to you and position your investment strategy to securely build your superannuation portfolio.

Let’s take a closer look at how you can benefit.

Anyone who is at least 18 years old and is employed and earning at least $450 is entitled to have their employer pay a Superannuation Guarantee contribution. While such an amount may not provide sufficient funding for the retirement you want, it is an important basis of your super strategy.

We can help you work out if your superannuation entitlements and investment options are appropriate for your goals.

You have the freedom to make voluntary contributions to your super, so that you can proactively build your retirement savings into something that can fund the retirement you really want. Earnings within super are taxed at concessional rates, giving it a natural advantage over other forms of long term investment.

We can discuss options for making personal contributions, spousal contributions and salary sacrificing so that you feel confident you are making the most of every opportunity to save for your retirement.

It is never too late to boost your super but the sooner you do it, the longer time period you have to accumulate retirement funds, often without making much of an impact on your salary.

If you are self-employed and don’t have the luxury of employer support for your super, you can still enjoy significant tax incentives through deductibility of super contributions. We can show you how to structure this to make the most of benefits available and remain within the limits set out by the government.

Some of our clients want the extra control of their super fund that can be achieved through the self-managed super fund (SMSF). This effectively means you are the trustee of your own superannuation fund and can enjoy the benefits of direct control over the way funds are invested. It also means you are subject to serious obligations on oversight, control and reporting for your fund. A SMSF can help you achieve cost savings and greater flexibility, but it is generally advisable to have a minimum of $200,000 in assets before you consider this option.

We can provide an expert assessment of whether a SMSF is right for you and can then help you structure it in a compliant and well managed way, reducing the stress on you.

As time goes by and you pass from job to job, it is not unusual to end up with several disparate super accounts. This can result in poorly managed or inappropriate investment choices. Even if you have just changed address and have not told your superannuation fund, you may lose access to your super simply because your fund cannot track you down.

We can help you to get your super working harder by consolidating dormant funds and locating lost accounts.

To further encourage retirement savings through super, the Government offers targeted incentives for those who may need more support. Our advice can help you identify what incentives you might be eligible for, so you can further enhance your super position. This includes:

• The spouse contribution scheme, which allows you to make contribution into your spouse’s superannuation fund.
• If you make a personal contribution to superannuation from your after tax income, you may be eligible to receive
  a co-contribution from the Government toward your super.

We can advise if you qualify for entitlements as part of your overall super strategy.

Wealth Protection Insurance Advice

Every great financial plan takes into account the threats and risks that you face and uses tools and strategies to reduce and manage those risks. For most of us there is no greater risk than the collapse of a financial plan due to premature death, illness or injury. Efficient insurance planning is the most economical and effective way of dealing with these risks at every stage of life.

When you start to earn income you need to protect your ability to earn that income. As you move through life and perhaps get married or have children, there are new responsibilities that need a secure protection strategy. There are also specific financial risks that need attention when you take on take on new financial responsibilities, such as starting a business or taking out a mortgage.

In later life you may want to adjust your insurance plan to take into account grandchildren or extended family, so that you can properly fund and allocate benefits.

Our expertise in risk planning gives you an edge in finding the most efficient insurance solutions, so that your financial plans are appropriate at every stage of life. This can include a range of cover options.

How much are you worth to your family? Of course it is impossible to quantify in emotional and relationship terms, but it is measurable in financial terms. Think of how much you earn and how many years you will be earning it – and then think of what your family would do without that income.

We can help you create a life insurance plan that pays a cash lump sum to pay debts, cover education and living expenses and to allow your family to invest for ongoing income, if you were to die prematurely and your dependents could no longer rely on your income.

Have you considered how you would manage without an income? If you become permanently disabled you could suffer devastating financial impacts, when your focus should be on your rehabilitation.

TPD insurance is typically an additional benefit added to your life insurance that pays a lump sum amount if you become permanently disabled (as defined in the policy). You can use it to eliminate debt, pay for treatment and maintain your living expenses, leaving you to focus on your own wellbeing.

Are you in a high risk category for suffering a heart attack? Of course not all serious medical conditions result in permanent disability, but they can still result in serious financial impacts. Imagine suffering a heart attack or learning you have cancer.

What would you want to do to ensure a strong recovery and to de-stress your life?

• Fund the best possible medical treatment?

• Pay off the mortgage?

• Take an extended holiday?

• Leave your job or scale down hours?

Trauma insurance can be the ideal solution with a lump sum benefit payable if you are diagnosed with a specific illness or injury covered by the policy. This includes cancer, stroke, heart disease, blindness, severe burns and a host of other medical conditions.

Could you manage financially if you no longer earned an income? Some injuries or illnesses may result in temporary loss of income that cannot be covered by savings and will outlast any sick leave you may have. Income Protection insurance gives you broad based illness and accident coverage that pays up to 75% of your gross annual income, to spend for a period you nominate (usually up to age 65).

You can use it to cover living expenses, debts, education costs and other essential spending until you are able to return to work. Premiums are generally tax deductible too, making it even more attractive.

Are you self-employed? Business Expenses insurance is particularly useful for you to cover fixed business expenses should you be unable to work due to illness or injury. This can keep your business active while you recover and can be used to reimburse costs such as:

• rent

• loan repayments

• equipment leasing costs, and

• utility expenses.

Are you a parent? What would you do if your child became seriously ill? Child trauma insurance provides you with a lump sum payment in the event of your child suffering from a range of specified medical conditions, so that you have the resources to enable you to devote your focus to their recovery. The insurance can be used to pay for medical treatment, rehabilitation, or as replacement income if you need to take time off work to be with your child.

Business insurance

Do you have a business partner whose expertise, reputation and assistance you rely on? Business insurance considers the continuity of your business if it is ever hit by the impact of losing a key employee or a business partner.

A business can insure its key employees, so that if they die or become disabled the business receives a cash lump sum to fund the financial losses the business may incur. This could be due to loss of customers or know-how that the key person delivered. It can also be used to repay debts or to train a replacement, so that the business can continue to thrive.

Business partners can also insure each other to ensure a smooth transfer of ownership to the surviving partner if one partner should die prematurely.

Aged Care Advice

Understandably, most people want to stay in their own home for as long as possible because it is familiar and comfortable. The thought of going in to an aged care facility is traumatic. If someone you care about are no longer able to manage at home on their own but are fortunate enough to have assistance with everyday tasks such as shopping, cooking and transport to medical appointments they may be able to stay in their home longer. They may even be eligible for Government subsidised home care.

However, if they are unable to manage, even with some additional assistance or they do not have anyone to provide assisted care in their home, you may need to make the decision to enter them in to an aged care facility.

You can arrange for an Aged Care Assessment to determine the level of care required and the facilities that can provide this level of care. An ACAT assessment is a pre-requisite to entering Aged Care. You should research facilities to help you choose the right one for your situation.

Once you have chosen a facility you will mostly likely need to work out the finances with the assistance of a professional financial adviser who can look at the value of the family home and other assets and explain how various fees work.

A financial adviser can also look at any Centrelink benefits available and whether you are eligible.

Once the decision is made, a financial adviser can assist you with the application documents to help you secure a place in your preferred aged care facility.

There are different levels of care appropriate for different people. An Aged Care Assessment can help you determine if you need to consider short term respite care or determine the level of care required in a permanent residential care facility.

These facilities are not government run and it is important to be clear on what services are provided by the ones of your choice and what the costs may be.

Each resident entering a permanent residential facility after 1 July 2014 will incur a standard resident contribution fee to cover basic daily care. Fees such as the means tested care fee, accommodation payments (or accommodation contribution ) need to be considered as well as additional fees for extra services or other amounts agreed between them and the care provider. The cost will largely be determined by the level of care provided.

A financial adviser can look at your financial situation and explain the costs based on your individual circumstances and the type of facility you are applying to.

The decision on whether or not to sell the family home to enter an aged care facility can be one of the biggest and most emotional decisions you make. Your memories are tied up in your home and selling it is the final step in leaving your life behind to enter an aged care facility. As a financial adviser, we want to help our clients to keep their home where possible, but where it is not possible we want to help them through the process to ease some of the emotional burden.

What you choose to do with the family home will also have an impact on fee assessments and pension entitlements. We can look at whether or not the family home is counted as an asset in the assets test by looking at who lives in the home and whether they are an eligible dependent or carer, which can have an impact on the asset test and whether or not the home is sold.

If you move into an aged care facility without selling your home, it will generally be exempt from the age pension assets test for 2 years from the date you move into care. This date may vary if you are, or were, a couple at the time you moved into aged care

If you are considering aged care for yourself or a loved one and need advice based on your situation, make an appointment to talk with us.

Whilst it is never too late to have this discussion, we recommend having it before a facility is required, so you have time to assess the possible options rather than being caught out if a quick decision needs to be made.

Business Solutions

Australians are familiar with insurance particularly with their cars, home and contents and business property. Yet for business owners, making sure their business continues to operate in the event of an illness to them or one of their key staff and protecting the ownership and succession of their business should they die unexpectedly is often overlooked.

In business life, as in daily life, unexpected events can and do occur. Business owners can be temporarily or permanently taken out of action as a result of sickness, accident, major health traumas (such as heart attack, heart disease, stroke and cancer) and premature death.

Business interruption from these causes can be short term, prolonged or permanent, and can range from incidental to serious. There are many stakeholders interested in the business as an ongoing concern including suppliers, staff, clients, creditors and family, so the effects can magnify.

When considering how to mitigate the negative impact of unexpected events the simplest and most effective solution is business insurance strategies. These strategies protect you as a business owner, your family as potential recipients of your estate, your business itself, your business partner and your clients should something unexpected happen.

Every owner has a unique set of requirements and potential challenges to consider. Business insurance needs to be carefully crafted to ensure the right strategy and the right level of cover. As a guide, business owners should consider:

• life cover
• trauma cover
• total and permanent disablement cover
• income protection cover
• business expenses insurance
• buy/sell agreements
• group insurance.

We can discuss wealth protection options for your business and tailor specific strategies to help you manage the risks and safeguard your business from unexpected events.

Business succession planning

What would happen to your business if you were to die or be unable to work due to illness or injury? Would your business partners want to buy out your share? Do you want your family burdened with business issues? How would the business afford to restructure by buying out the affected partner’s share?

By implementing a Buy/Sell agreement as part of an overall business succession plan, you can help answer these questions positively, ensure a smooth transition of ownership and help keep the business running without upheaval.

We can apply our experience in setting up such structures to help take the worry out of business succession. We work with accounting and legal advisers to get the valuation and documentation set up correctly and we can show you how to efficiently fund the agreement to allow the succession plan to be implemented swiftly and simply.

Accounting & Taxation

We believe accounting services should be straight forward and stress-free. By providing cutting edge bookkeeping, accounting, taxation and financial solutions and using the right products for your record keeping, our team at Tyrrell Partners will work with you to understand your needs and help you achieve your goals, making it easier for you to manage your cash flow and meet your tax obligations.

While fiscal compliance is of the upmost importance, we at Tyrrell Partners also believe in offering management advice and support at all levels of our services. We are committed to offering the highest level of friendly and professional service and welcome the opportunity to work with you.

The areas we specialise in are as follows:

• Accounting & Tax Consultancy Services
• Personal & Business Tax Returns
• Annual Reporting
• Business and Tax Advisory
• ATO correspondence Management
• Self-Managed Super
• Cloud accounting experts

Business Accounting

Concentrate on running your business and let Tyrrell Partners take care of all your business accounting and taxation requirements. Some of the services we can offer your business include:

• Accounting and bookkeeping
• Accounting software advice and assistance
• Business & company tax returns
• Taxation – GST & PAYG advice, BAS preparation
• Tyrrell Partners can liaise with the ATO on your behalf
• WorkCover: your obligations
• Audit advice & audit insurance
• Superannuation for you and your staff
• Business ‘start up’ advice
• Prepare Business plans and financial budgets and review regularly
• Measure your performance against industry benchmarks
• Trust & company structures
• Business Insurance

Bookkeeping & Financial Record Management

One of the most important steps in the preparation of financial information is the data entry. It is the vital part of your accounting process, ensuring that your financial information is up to date and accurate.

Our highly experienced team of bookkeepers will get the job done efficiently by using cloud based products and software shortcuts, leaving you more time to concentrate on your business.

Tyrrell Partners can take over all, or some of your bookkeeping activities allowing you to concentrate on growing your business. We can:

• Design, establish and review accounting systems and software
• Perform checks, reconciliations and end of financial year reports
• Manage your accounts receivable and accounts payable
• Ensure your business is up to speed with legislative requirements and management reports
• Undertake payroll duties and compliance
• Prepare and lodge BAS statements
• GST & PAYE advice
• BAS Lodgement
• GST Reconciliation
• PAYG Withholding & Superannuation reports
• Completing expense reports
• Direct to bank account transactions
• Organising your documents and records
• Data / ledger entry
• Paying bills
• Completing expense reports
• Direct to bank account transactions
• Provide general business administrative support

Cloud Accounting

Cloud accounting is essentially your accounting software stored and accessed from an online server which allows upgrading of software, tax tables for payroll, also data backups are managed remotely and automatically by the software provider. This is a great time saver for any small to medium business owner.

Our solutions will help your business take advantage of an eco-system where your accounting software is the centre of all your information. From manufacturing, inventory, to customer relationship management (CRM), rostering/timesheets to payroll, you will be in control of every aspect of your business represented by a thorough reporting system.

Please do not hesitate to contact us for an obligation free consultation session on business software solutions. Our well-trained staff will provide you with the best solution that suits your needs and budget. With customised solutions, discounted software subscription, hands-on and personal training, we are committed to deliver you a quality of service that will meet and exceed your expectations.

Auditing

There are many reasons why a business or association may need to be audited. These include audits regulated by ASIC, government departments and licensing authorities. You may wish for your business to be audited to ensure your financials are all correct, up to date and compliant with Australian accounting standards. We offer ongoing support for annual audits and can discuss audit insurance for your business. Self-managed super funds (SMSFs) are required to be audited annually. Our business auditing services include:

• Statutory Audits Specialist Reviews
• Business Risk Reviews
• Self Managed Superannuation Fund Audits
• Due Diligence reviews

Self Managed Superannuation Funds

Setting up a Self-Managed Superannuation Fund is a major financial decision. We understand that you’re busy and that the SMSF rules are complicated. We will provide you with an end to end solution giving you access to all the support and expertise you need to ensure your SMSF is well managed and compliant.

A SMSF can have many advantages but, equally, you need to consider the reasons why a SMSF may not suit your needs. We can help you decide if this is the right option for you.

Advantages of a SMSF:

Having control of your retirement savings can lead to a deeper understanding of how your overall wealth is tracking, and gives you more confidence in your investment and lifestyle decisions.

You can have access to a broader range of investments. You can invest in the usual options such as shares, term deposits, managed funds and property but you can also hold alternative assets such as artwork, jewellery, antiques, and wine. There are though, very strict rules on holding the latter assets in your self-managed super fund.

You retain control while still being able to take advice from your advisors.

Beneficial tax planning strategies.

Greater flexibility for accessing Centrelink benefits such as the age pension.

But a SMSF is not for everyone:

If you have set up a self-managed super fund (SMSF), you are in charge and you make the investment decisions for the fund. You must also be aware that you are responsible for complying with superannuation and tax laws, maintaining records, providing financial statements, completing tax returns and organising an annual independent audit.

You also need time and expertise to run your SMSF.

Compliance is very important.

There can be up to 4 Trustees and their thoughts and ideas have to be included.

The ATO offers advice on the responsibilities of having a SMSF.

Tyrrell Partners offers advice on all SMSF services, including:

• The setting up of a SMSF and all administration tasks such as preparation of your trust deed and the completion and lodgement of relevant ATO statements.
• Superannuation consolidation.
• Ensuring your SMSF is compliant with current superannuation laws and regulations
• Advice on life and disability Insurance options.
• If there is more than one member in your SMSF, we can offer advice on what will happen in the event of ill health, death, relationship breakdown, or waning interest.
• Advice regarding Investment in Property
• Appointment of Trustees
• Audit of your SMSF

Please enjoy the links to these free tools supplied by MoneySmart - a great resource for general financial information. Please get in touch if you would like to discuss any questions that you may have as a result of using these calculators.

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