CASE STUDY – Taking control of her super with SMSF and a team she could trust

CASE STUDY – Taking control of her super with SMSF and a team she could trust

Taking control of her super with SMSF and a team she could trust

WHERE she was at – Coming from public service, then self-employment with her husband, Antonia was working on her passion with a community cause, in a voluntary capacity, as well as building a new business and awareness of available facilities and support. She had several super funds and wanted to simplify them, try to learn to invest for knowledge and seek better returns. Her voluntary work would not be forever, so she could focus on her passion as both a community service and her own business – educating government and the public.

What she WANTED to have – Having no children, and finding it was easier to be friends rather than live with her husband because they wanted to live different lives, Antonia sought a comfortable living, and to pay off the last amount on her mortgage as soon as possible before retiring at her goal in her late 50’s.

What it will COST Since there was no immediate family or children, she roughly calculated that $45,000 would be comfortable for the living standard she required.

What she would NEEDTo be safe, if a conservative investment return of 5% is used, (one 20th of 100%) this meant requiring at least 20 times the income goal – that rounded to approx. $900,000 in assets. Knowing her own current home is not an income-producing asset, she did keep in mind that down-sizing may be an option later – she should get a good price in a popular suburb which would be a fallback position to keep in mind. Her super totalled $200,000, and she had a half-share in another property worth $650,000, so we had $525k. She needed to revise her goals – could she make up the shortfall with the business, or would down-sizing the home be the main way after-all?

She decided building her business would provide the cash-flow to pay down the last of the $120,000 mortgage, living leaner for a few years. Then to be able to sell it – $200k would be nice – now we had $725k – maybe the last $375k would have to come from selling the current home after-all, and buying a nice smaller one-bedroom unit near the coast. This all seemed achievable.

What to do NOW She missed our seminar on SMSF, so we had a meeting for a personal plan of advice to be drawn up, as well as a explain the administration and compliance requirements relating to SMSF, including how SMSF was set up, compliance responsibilities and what we would do – obtain the Trust Deed, AND, TFN and have a bank account papers set up ready for her to sign, then applications to her super funds. Her former husband would be co-trustee, but she would be the only member.

We now had the components in place –

StrategyTo take control of the retirement plan, build a business and pay-down mortgage

Structure An SMSF using SuperBenefit administration

Support With resources and all compliance taken care of by SuperBenefit, as well as a team of specialist professionals to call on.

Note – This is a simplified summary of one client – we recommend asking for a FREE consultation and/or seeking further professional advice with our recommended advisors or your own.

Got questions? If you want experts who have years of helping others, without the hype – then call for a FREE strategy session today and also get your FREE Expert Guide – Self-Managed Super and Youtop right hand side above.

If you have any questions, why not give us a call – it’s FREE also!

No obligation. 0407 361 596, Paul.


About SuperBenefitnews

Self-Managed Superannuation Service Providers in Australia. SuperBenefit provides a wholistic SMSF assistance, education and administration service continuum - 1. “assistance” is help of whatsoever nature where our overall SMSF experience and knowledge enables us to provide assistance/help without any legal (or “license”) limitations. 2. “education” involves providing knowledge through teaching, coaching and mentoring about all matters SMSF, including (but not limited to) investment issues such as equities and property, 3. “administration” encompasses all admin aspects of legally required SMSF trustee and member record keeping including (but not limited to) audit and ATO matters. In keeping with our key point that SuperBenefit does not provide Financial Advice, where issues arise from 1, 2, and/or 3 above Indicate a need for a legally authorized provider (such as a Financial Adviser) and the client does not have their own service provider, the client can utilize SuperBenefit’s ‘Connect Assist’ … SuperBenefit, in itself, does not provide Financial Advice, but it does provide the wherewithal for great SMSF service. WE do not provide Financial Advice or any other service that requires a legally authorized provider. However, where such advice or service is required we have our ‘Connect Assist’, a SuperBenefit resource we use to connect clients to a Licensed Advisor or other legally authorised service provider. Call us 0407 361 596, no obligation FREE Connection call to see how we can help you!
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