McKinley Plowman

😖 Without a clear structure, wealth to be passed on can be lost or mismanaged. Family assets may be exposed to creditors, relationships may experience breakdowns, or beneficiaries may receive a significant amount of wealth who aren't ready to manage it. Lack of planning can create uncertainty, disputes, and unintended outcomes.

🔒 Trusts are there to provide control over how, when, and to whom wealth is distributed. Assets can be protected while still supporting long-term family goals, values, and its legacy. Trusts can fund education, support philanthropic ventures, and create a structured roadmap for where future wealth is directed. Tailored Wills and Trusts help to ensure personal and business interests have smooth transitioned and are in accordance with your wishes.

Don't leave your wealth unprotected ➡️ https://bit.ly/4xkAhFk

💭What does a comfortable retirement look like, and how much does it cost?

The latest ASFA Retirement Standard estimates that a single homeowner aged 65 to 84 needs $56,166 per year for a comfortable retirement, while a home-owning couple needs $78,998. These benchmarks can be a useful starting point, but they don't tell the whole story.

🏡 Your retirement budget may depend on everything from housing and healthcare to travel, hobbies, family commitments and the age at which you retire.

📰 In our latest article, Financial Planning Director Aaron McCracken explores the cost of a comfortable retirement in Australia and how to turn broad retirement benchmarks into a plan based on the lifestyle you actually want 👉 https://bit.ly/4hr8gWJ

📉 Lack of preparation when selling a business can cost you. Operational inefficiencies, poor financial reporting, unresolved debt, and outdated systems can raise red flags for buyers and reduce business value. The longer these issues remain, the greater the risk of lower offers and a slower sale

✅ A thorough review before making steps to start selling helps to identify issues before they become major obstacles. Modern systems, strong financial reporting, and proactive debt management increase buyer confidence, streamline the sale process, and strengthen business appeal.

Preparation creates value ➡️ https://bit.ly/4xkAhFk

🪜 Australia’s proposed 30% minimum tax on certain discretionary trusts has taken another step forward.

Treasury has released exposure draft legislation providing greater detail on how the proposed rules could operate from 1 July 2028 — including a significant new option for eligible discretionary trusts: the Excluded Election Trust (EET) regime.

🌟 In the latest instalment of our Budget Progress Report, Dean Birch, Head of Tax at McKinley Plowman, looks at:

• what has changed since the original Budget announcement
• how the proposed EET regime could work
• what the changes could mean for discretionary trusts and corporate beneficiaries
• what remains subject to consultation and legislation
• what trust owners can be considering now.

While there is no need to make immediate structural changes, the exposure draft provides considerably more information for business owners and families to start assessing how the reforms could affect their existing arrangements.

📰 Read the latest Budget Progress Report to learn more: https://bit.ly/4yKMrbv

💸 Retirement is getting more and more expensive. A comfortable retirement for couples now requires around $690,000 in super and annual spending of around $73,000. Without a clear plan, rising living costs could put pressure on the lifestyle you've worked hard to achieve.

🧑‍🤝‍👩 Knowing the numbers you have to work with can help you to prepare with confidence; an example of this, a couple looking for a modest retirement may need around $100,000 in super, with annual expenses of around $47,000. These benchmarks include things like homeownership and good health, guiding you to build a retirement that supports independence, connections, and quality of life.

Learn more about the costs of retirement and how to navigate them ➡️ https://bit.ly/46frzNw

🖱️ It's easy to obsess over clicks and website traffic when looking at your marketing numbers. However, that being your only focus can lead you to overlook factors that drive long-term business growth. A weak or inconsistent brand can be easily forgotten the moment a competitor offers something new.

📊 Brand loyalty and recognition are some of the most valuable business assets, even when they can be difficult to measure. Having a consistent brand voice builds trust and strengthens recognition, keeping your business in the front of consumers' minds.

Learn more about the measurable and unmeasurable numbers of marketing ➡️ https://bit.ly/4xTdOjB

💷 The tax rules surrounding UK pensions keep changing, adding to the already felt stress and impacting potential future wealth. Currently, the 40% inheritance tax could significantly reduce the amount of wealth you're able to pass on to loved ones when the time comes.

🔒 Transferring your UK pension to Australia can provide reassurance that your wealth will be protected and your family's legacy preserved. Australian pension accounts offer a tax-effective way to transfer your retirement wealth. Any benefits can typically pass tax-free to a spouse or dependant, while non-dependants may have to pay a maximum of 17% tax, still substantially lower than the UK's inheritance tax rate.

Learn more about transferring your pension to Australia ➡️ https://bit.ly/4hiCo6D

🤝 Have you been offered shares or options through your employer? An Employee Share Scheme can be an attractive opportunity, but there may be important tax implications to understand along the way.

In our latest article, Head of Tax Dean Birch explains how Employee Share Schemes are generally taxed in Australia, including:

⚖️ The difference between upfront and deferred taxation,
💸 How CGT can become relevant, and
🔎 What employees should look for in their ESS documentation.

Dean also covers practical considerations around cash flow, holding periods and planning for future exit events 👉 https://bit.ly/4gV8Awx

👓 Understanding your ESS before a major taxing event occurs can help you make more informed decisions about your financial position.

📑 Self-Managed Superannuation Funds sound too complicated. There's too much paperwork and too many rules. A one-way track to getting it wrong and it becoming more of a hassle than a benefit.

SMSFs do offer you greater control, but they also come with more responsibilities.

✅ Administration and compliance process simplified by technology.
✅ Professional advice can assist with compliance, obligations, structures, and major life events.
💭 Better returns are not guaranteed and depend on smart investment decisions and consistent management.
💭 Investment flexibility still comes with strict regulatory rules and restrictions.

Is an SMSF the right choice for you? ➡️ https://bit.ly/3UEL5QX

🥴 It's deflating looking at your mortgage, and it just feels like your repayments aren't even making a dent. You wish for financial freedom sooner, but the numbers are saying you'll be stuck with this for decades.

💰 Unlimited additional repayments allow you to put extra funds against your home loan whenever you can. Every extra dollar reduces the loan principal, which also means less interest charged over time, and paying above the minimum amount can help to reduce the overall loan term and build equity faster. However, make sure to check your loan conditions first.

Don't let your home loan confuse you ➡️ https://bit.ly/4i7TLJj