Family trusts, super contributions and saving tax | Q&A with Gemma and Owen

22 snips

Feb 21, 2025

The hosts dive into listener questions, discussing the nuances of super contributions and personal versus employer contributions. They explore the merits of setting up family trusts for property investments as a tax strategy. Retirement planning is tackled, with insights on how much is needed for a comfortable retirement. The duo also highlights the importance of salary sacrificing super contributions and the benefits of financial planning to boost confidence in managing finances.

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ADVICE

Regular Super Checkup

Check your superannuation details and contributions annually.
Review around June 1st for potential adjustments before the financial year ends.

ADVICE

Property Tax Strategy

Consult a tax accountant for property investment and tax strategy.
They can assess if a family trust or company structure is suitable for your situation.

ADVICE

Balancing Super and Lifestyle

Consider lifestyle goals before prioritizing super contributions for tax reduction.
Balance tax benefits with potential early retirement or other financial needs.

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Topics covered today:

Listener questions answered:

My employer super contributions showing as personal contributions – is this an issue?
Is setting up a family trust or company a good tax strategy for property investment?
I’m adding extra to super- is this worth it for me?
How much do I need to retire comfortably? Do I have enough?

Resources for this episode

MoneySmart Retirement Calculator- Retirement planner - Moneysmart.gov.au
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DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg

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