SMSF Specialist

Smarter SMSF for business owners

$135,000 saved in taxes

Based in Sydney, David Lewis is a successful business owner and operator who was able to accumulate and grow his businesses to significant financial success. However, with this level of financial success, David faced the highest marginal tax rates in Australia and needed a better way to manage his money and tax. We helped David set up his SMSF folio.

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Problem

A Self-Managed Superannuation Fund (SMSF) can have huge upsides for business owners, however, if not correctly set up and managed which can take significant time and resources, an SMSF can have big downfalls such as the costs associated with managing it, and the additional legal and compliance obligations. Penalties for non-compliance can destroy a person’s retirement in additional fees and tax. Needless to say, getting his SMSF setup and managed correctly was crucial for David.

Solution

While undertaking the process of completing the administration work, we also performed a review of David’s SMSF and identified areas that could be more effective for the other members of the fund, which included David’s wife. With our specialists, we help David better setup and manage his estate planning, adjust accounts and restructure pension, along with advice to withdraw $900,000 from the fund and invest in another way that could save beneficiaries a potential $135,000 less in taxes.

Client Feedback

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