LBW Chartered Accountants

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LBW is one of Geelong’s largest and most reputable accounting firms which in itself has been serving the business community for over 25 years.

Simon Flowers Simon Flowers

Following from last month’s newsletter article we can confirm that both Houses of the Parliament have passed the budget changes and now we are just waiting on Royal Assent (which is just a mere formality) before the legislation will be enacted from 1 July 2017. The major changes relate to contribution limits, removal of income tax exemption in pension phase for balances over $1.6m, removal of anti-detriment provisions and removal of tax exemptions on Transition to Retirement Pensions. The government has also legislated some CGT transition relief provisions for those coming out of pension phase due to th

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As the Government encourages Australians to take responsibility for and reach their retirement goals, a majority of Australians are now required to choose their own superannuation funds.

Self Managed Superannuation Funds (SMSF) are probably the most popular means of saving for retirement (especially if you have your own business). It allows you to take control of your investment strategy (e.g. direct property investments), reduce tax and control administration costs.

As business owners plan to retire from their business, to ensure the long term success of the business, it is critical to establish a well designed succession plan. Co-ordination of the transition of your business to your successors can be an arduous process. However, with LBW Chartered Accountants years of experience we can address the complex issues of business continuation, taking the stress off your shoulders.