Get in touch
At Parrish Financial, our team of professionals are here to help, with a commitment to personal service backed by our high-level of experience.
Find us at:
The Chapel, 47 Heavey Crescent, Whitfield
At Parrish Financial, our team of professionals are here to help, with a commitment to personal service backed by our high-level of experience.
Find us at:
The Chapel, 47 Heavey Crescent, Whitfield
Being in control of your own success can be extremely rewarding. However, it is fraught with risk – not only in the investment decisions you make, but also in the intricate web of compliance requirements. Unintentional infringements can lead to hefty fines, so having the assistance of a professional is well worth considering.
Our specialists can provide you with detailed advice on every aspect of investments in self-managed super funds, including:
Target-setting
Of course, the key to securing a truly comfortable retirement is knowing how much it will cost, yet research indicates that 68% of Australians are unaware of this. We help you calculate what it will cost to maintain the lifestyle you desire and set the targets required to achieve this.
Additional super contributions
This may seem straightforward, but there are very detailed rules in place regarding who can contribute and how much can be contributed, plus how contributions are to be taxed. Broadly, contributions can be made either:
Before tax (concessional contributions) which include employer or “Superannuation Guarantee” at the current legislated rate of 10%pa, salary sacrifice or personal contributions which are eligible for a personal tax deduction; or
After tax (non-concessional contributions) which include Government Co-Contributions, Spouse Contributions and also personal non-concessional contributions.
Concessional and non-concessional contributions are subject to different contribution caps and other eligibility requirements. This can result in a complex and difficult landscape to navigate when you are trying to do it alone. Drawing on our deep knowledge of the relevant legislation, we can provide you with a customised superannuation plan that capitalises on all available opportunities.
Transition into retirement
If you are of “preservation age”, we can advise you on how to swap super contributions through salary sacrifice for a partial pre-retirement pension; a tax-effective method that can make a real difference to your total savings at retirement.
Consolidation of funds
Modern Australians typically change jobs 11 times, often forgetting superannuation accounts when they move on to the next opportunity. If left unchecked, these accounts can become diminished by fees and charges over time. We can assist in locating and consolidating forgotten super into a single account, maximising your savings power.
Timeframes
It’s often easy to specify short and medium term goals, such as upgrading your house, purchasing an investment property or putting the kids through private schooling. Longer term goals, however, may be harder to define. As such, long-term goals may be less precise, “To live comfortably in retirement”, for example.
Notwithstanding, we can assist you in deciding what it is you desire and what is required to get you there.
Borrowing to invest
This is where you have a reasonable and steady level of surplus income and want to make it really work for you. Borrowing to invest or “gearing” is a strategy that can accelerate wealth creation, however, this strategy also carries a considerable level of risk. We will determine whether this strategy may be appropriate for you and help you through the process, including minimising and mitigating the associated risk where possible.
Managed investments
There are a huge number of managed funds available for invetsment, each with their own approach, management, performance and fees. Fortunately, this also means that there are bound to be a few that suit your individual situation. We are here to help you find a mix which will work for you.
Shares
You can invest in shares directly or indirectly (through managed funds). We are constantly reviewing and analysing company performance, dividend yields and broader market trends in order to keep abreast of the suitability of markets for investment, both in Australia and overseas. Sometimes shares can be an effective investment vehicle for certain circumstances with fully franked dividends an attractive and tax effective way to build an income stream. Your circumstances will determine just how suitable investing in the share market can be, and if you are investing yourself, you can also use us as a sounding board or second opinion when formulating your strategy.
Direct property
Property investment can be an efficient strategy – it’s decidedly a popular one. But it does tie up considerable capital and generally involves relatively large debts and long timeframes. We take a balanced view and help you to understand how direct property investment may fit into your overall portfolio, as well as putting alternative investment strategies in perspective for you.
Tax-effective wealth creation
We will look at options for you to manage your tax burden, always keeping in mind the trade-off between a tax effective investment vehicle which may provide sub-optimal returns, as compared to a higher performing investment which offers little or no tax advantages. We will guide you through the decision making process regarding the suitability of such investments.
Regular savings
Little changes to daily habits can lead to big outcomes. We can create a tailored savings plan that will get you on your way to where you want and need to be.
Debt repayment
Non tax-deductible debts such as credit cards, personal loans or mortgages can be the drain that takes you two steps back for every step forward. We provide advice in paying the right debts at the right time, ultimately freeing up cash flow.
Salary Packaging
Some employees are able to pay some personal expenses through their salary, before they pay tax. The end result being less tax and more money in your pocket which can be redirected towards achieving other financial goals. We will work out how this might work for you, should you be eligible under your employment agreement.