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Make the most of your super: Changes to after-tax contributions

If you hope to retire in the next five to ten years and want to boost your super balance, you must act now before your ability to make after-tax contributions is significantly reduced.

In addition to pre-tax contributions to super, such as employer contributions and salary sacrifice contributions, you can also make after-tax or non-concessional contributions.

From 1 July 2017, your capacity to contribute large sums of money through non-concessional contributions will be reduced when the cap decreases from the current $180,000 to $100,000 per annum.

You also have a limited opportunity to take advantage of the bring-forward rule which allows you to contribute up to $540,000 in after-tax contributions this financial year.

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A closing window of opportunity: Pre-tax contributions to Super

Significant reductions to Concessional (pre-tax) Contributions Caps for Super come into effect on 1 July 2017, which means you have a closing window of opportunity to take advantage of the current pre-tax contribution limits.

Importantly, if you have salary sacrificing arrangements in place, you will also need to review your contributions strategy to align with the reduced contribution caps and avoid penalties.

If you want to make the most of your Super and retirement planning before the changes come into effect, you need to act now.

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Collision Course: Superannuation Rule Changes

What you need to know and DO so that you aren’t caught unaware by SMSF & Superannuation Changes

The combination of the new advice delivery legislation and changes to super contribution rules are on a collision course that may catch you unaware, UNLESS action is taken as a matter of some urgency.

This is the first of a series of articles that aim to help you to understand the changing financial services legislation as well as the new superannuation rules.  In this article, we outline why it’s so important to take action. In coming articles, we will drill down on the detail of contribution cap changes and other matters that need consideration now, so that later you achieve the financial outcomes you need to fulfil your retirement plans.

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SuperStream deadline is approaching

Watch the video to see how SuperStream makes super simple for employers

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Get started now so you are ready by 30 June
If you are an employer it’s important you know about some changes in the way you pay super and that you take action now.

All employers need to use SuperStream when paying super. This means paying super and sending employee information electronically in a standard format.

If you are not already paying super using SuperStream it’s important you get started soon. The next quarterly super payment cycle is due in April and that is a good opportunity for you to start using SuperStream so you can ensure everything is in place by the 30 June 2016 deadline.

 

What you need to do:

There are a number of options you can choose to implement SuperStream. Depending on what works best for your business you can choose to use:
– your super fund’s online system
– a clearing house
– a payroll system that is SuperStream ready
– a messaging portal.

The ATO also offers the Small Business Superannuation Clearing House as a free online service that you can use. If you are already using this service you can rest easy that you are SuperStream ready.

 

Get Started with the SuperStream employer Checklist: Step by Step Guide

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Is your business funding your next step?

As a business owner, you have an asset that delivers an ongoing financial value. You have expertise and knowledge in providing a service, or manufacturing a product that differentiates you in the market and provides a lifestyle for yourself and your family. However, understanding how to monetise this asset for retirement, or to start another business may be more challenging.

The emotional capital you place on an asset you’ve created and built yourself isn’t marketable; what your business does and can potentially generate is. Like your home, the next owner isn’t buying your memories.

Planning for your next step is complex and requires a specialist.

Succession, market dynamics and even social values can quickly upend your plans to retire in comfort. How many Australian wool growers in the 1950s were planning ahead for the research being undertaken by ICI and DuPont into synthetic materials that would eventually cannibalise not only their livelihood, but the country’s economy? Today, your company faces challenges that are more complicated and change faster than a fashion trend – technology, cost of production and a more mobile society are factors that determine the value of businesses locally, nationally and globally.

Becoming more competitive, focussed and profitable requires a professional approach from experts in business strategy, accounting, supply chain, marketing, human capital and leadership that can assess your current state within the context of your needs as well as market dynamics.

Working with some of the region’s largest and most recognised companies, Robinson Voss Partners provides advice that addresses the needs of business owners who value their companies as assets in their retirement portfolios.

Using internationally recognised strategies that evaluate the viability of your business, we look at what you want to achieve first and the timeline you’re working towards. We then seek to improve performance and long-term viability using the VIBA (Value Improvement Benchmarking Advice) methodology, firstly to understand what your business is worth and then how to bridge the gap between the current value and the desired state you wish to exit or hand over your business.

Our approach focuses on making the plan for your business executable in four steps:

  1. Growth – market opportunities
  2. Improvement – capital expenditures
  3. Succession – human capital
  4. Board of Advice – ongoing accountability

Whether you’re looking to exit in the next 12 months or 10 years, beginning the process of valuing your business as a viable, ongoing asset can never start too soon.

Give us a call on 03 9708 8801 or email Craig Robinson at craig@rvpartners.com.au  or Sue Voss at sue@rvpartners.com.au and let us help you get the perspective you need to outgrow today and plan for tomorrow.

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