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Frequently asked questions
Welcome to the Wealth Waves FAQ section. Here you’ll find answers to common questions about our services. We aim to provide clarity and assist you in making informed decisions about your financial future. For personalised advice, please contact us.
Self-Managed Super Funds (SMSF)
An SMSF is a private superannuation fund that you manage yourself. It allows up to six members, all of whom are trustees responsible for decisions and compliance with Australian superannuation laws.
- Control Over Investments: You have direct control over investment decisions, including assets like property and shares.
- Flexibility: Tailor your investment strategy to suit your financial goals.
- Tax Benefits: Potential for tax advantages within the superannuation framework.
Trustees are responsible for:
- Complying with superannuation laws and the Australian Taxation Office (ATO) regulations.
- Managing the fund’s investments according to the trust deed.
- Keeping accurate records and arranging annual audits.
Yes, SMSFs can invest in residential or commercial property, subject to strict regulations. The property must meet the sole purpose test of providing retirement benefits to members.
The sole purpose test ensures your SMSF is maintained for the purpose of providing retirement benefits to its members or their dependants if a member dies before retirement.
No, members or related parties cannot live in or rent a residential property owned by the SMSF. This ensures compliance with the in-house asset rules.
Setting up an SMSF involves:
- Establishing a trust and trust deed.
- Appointing trustees.
- Registering with the ATO.
- Creating an investment strategy.
Learn more about SMSF setup or contact us for assistance.
Costs may include:
- Setup fees.
- Annual auditing and accounting fees.
- Investment and administrative expenses.
We can provide a detailed cost breakdown tailored to your situation. Get in touch for more information.
Investment Planning
Investment planning involves creating a strategy to allocate assets in a way that balances risk and return according to your financial goals and time horizon.
We offer personalised investment strategies, considering your risk tolerance, financial objectives, and market conditions to maximise returns.
We provide guidance on:
- Stocks and bonds.
- Managed funds.
- Exchange-traded funds (ETFs).
- Property investments.
- Alternative assets.
Diversification involves spreading investments across different asset classes to reduce risk. It helps protect your portfolio from market volatility
We recommend regular reviews, at least annually or when significant life events occur, to ensure your portfolio remains aligned with your goals.
Yes, we can tailor investment strategies to include ethical or socially responsible investments based on your preferences.
For personalised investment advice, schedule a consultation with our advisers.
Retirement Planning
Retirement planning ensures you have sufficient funds to maintain your desired lifestyle after you stop working. Early planning maximises your ability to save and invest effectively.
The amount varies based on individual circumstances and lifestyle expectations. The Association of Superannuation Funds of Australia (ASFA) provides benchmarks, but a personalised plan is essential.
The Age Pension is a government payment providing income support to eligible Australians. Eligibility depends on age, residency, and means testing (income and assets).
Strategies include:
- Making additional contributions.
- Salary sacrificing.
- Consolidating multiple super accounts to reduce fees.
- Accumulation Phase: Period when you’re contributing to your super and it is growing.
- Pension Phase: When you start drawing an income from your super in retirement.
Generally, superannuation is preserved until you reach your preservation age. Early access is limited to specific circumstances like severe financial hardship or medical conditions.
For a tailored retirement plan, contact our experts.
Estate Planning
Estate planning involves preparing tasks that serve to manage an individual’s asset base in the event of incapacitation or death, including the bequest of assets to heirs and the settlement of estate taxes.
It ensures your assets are distributed according to your wishes, minimises taxes and fees, and can help avoid family disputes
- Will: Outlines how your assets will be distributed.
- Enduring Power of Attorney: Appoints someone to make financial and legal decisions if you’re unable.
- Advance Care Directive: Specifies your health care preferences.
Superannuation is not automatically included in your estate. You need to nominate beneficiaries or set up a binding death benefit nomination.
A trust is a legal arrangement where a trustee holds assets for beneficiaries. Trusts can offer tax advantages and protect assets.
Yes, it’s important to review and update your estate plan regularly, especially after major life events.
For assistance with estate planning, please reach out to us.
Tax Planning
Tax planning involves arranging your financial affairs to minimise tax liabilities legally. It includes timing income, purchases, and expenditures.
Our experts provide strategies to:
- Maximise deductions and offsets.
- Utilise superannuation contributions effectively.
- Plan capital gains events.
- Work-related expenses.
- Investment property costs.
- Donations to registered charities.
Negative gearing occurs when the cost of owning an investment exceeds the income it generates, potentially reducing taxable income.
- CGT is a tax on the profit from the sale of an asset. Primary residences are usually exempt, but investment properties and shares are subject to CGT.
Regular reviews, especially when tax laws change or you experience significant financial events, can ensure you’re optimising your tax position.
To discuss personalised tax strategies, contact our team.
Wealth Management
Wealth management is a comprehensive service that addresses all aspects of a person’s financial life, including investment management, financial planning, tax services, and estate planning.
Individuals with complex financial needs, significant assets, or those seeking a coordinated approach to managing their finances.
- We offer personalised strategies, focusing on your financial goals, risk tolerance, and life aspirations, providing holistic solutions
- Financial Planning: Focuses on creating a roadmap for your financial future.
- Wealth Management: Includes financial planning but also integrates investment management, tax services, and other financial services.
Fees may be based on a percentage of assets under management, a flat fee, or a combination. We provide transparent fee structures upfront
We adhere to strict privacy policies and data protection laws to safeguard your personal and financial information.
For a comprehensive wealth management consultation, schedule an appointment.
General Questions
Simply contact us to schedule a free initial consultation. We’ll discuss your financial goals and how we can assist you.
Yes, our advisers hold relevant Australian qualifications and are authorised representatives compliant with the Australian Securities and Investments Commission (ASIC) regulations.
Absolutely. We offer flexible meeting options, including in-person, phone, and video consultations to suit your needs.
Our team regularly engages in professional development and training, and we monitor updates from regulatory bodies like the ATO and ASIC to ensure compliance.
Yes, we can collaborate with your existing professionals to provide a coordinated approach to your financial affairs.
- Personalised Service: Tailored strategies to meet your unique needs.
- Expert Team: Experienced professionals across various financial disciplines.
- Holistic Approach: Comprehensive services covering all aspects of your financial life.
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Talk to Our Leading SMSF and Wealth Management Experts
With extensive experience in SMSFs and wealth management, our experts offer personalised advice to help you reach your financial goals.