CASE STUDY – David & Kate – Help with Administration

CASE STUDY – David & Kate – Help with Administration

David & Kate – Help with Administration

David and Kate already had set up their Self-Managed Super Fund (SMSF). Over time though, the administration tasks and collecting documents together for the preparation of year-end accounts was not what they found easy to achieve – which is similar to many trustees – administration is not everyone’s love and specialty!

(There are 5 easy steps to planning anything – start where you are at, decide what lifestyle you want to have, what that lifestyle state or position will cost in money (to maintain the living costs) what you need invested to meet that cost of having what you want, and what action we need to take now to get there. Here is how it works with one of our clients.)

(Get the FREE Resource: 5 Easy Steps to Plan your Retirement).

  1. WHERE they were at – Having run their own SMSF for several years, David and Kate had found that the year-end responsibilities were hard to do, because they simply didn’t like paper and administration on top of their busy lives!
  2. WANT to have – The aim was to have self-funded retirement, with enough to be comfortable, but to reduce the administration burden and simplify the process.
  3. COST of that lifestyle Estimated in today’s values, the annual income to retire they desired would be at least $70-80,000. That would be well over the ASFA definition of “Comfortable”, where “comfortable” enables “…an older, healthy retiree to be involved in a broad range of leisure and recreational activities and to have a good standard of living through the purchase of such things as: household goods, private health insurance, a reasonable car, good clothes, a range of electronic equipment, and domestic and occasionally international holiday travel.”
  4. NEEDhow much you need invested to cover the income requiredTo be safe, if a conservative investment return of 5% is used, (one 20th of 100%) this means at least 20 times the income goal – which rounds to approx. $1,400,000 – $1,600,000 of income-producing assets other than the family home. They also needed administration help so they didn’t have to be stressed and worried about what they didn’t enjoy.
  5. NOW what to do After researching and talking to several services, they met with Paul the Administration Manager at SuperBenefit who supplied a detailed list of what would be included in the service. Once the structure of the bank and investments was clearly mapped out to ensure all components involved were covered, it was a simple matter to start organising the collection of documents required and have the accounts processed.

What was liked best of all – that the SuperBenefit Programme made it easy – SuperBenefit manages compliance from the  annual documents, storage of records electronically and additionally, has a CONNECT-ASSIST service which provides co-ordination as well as help – with who to talk to for advice and any other help besides the financial advisor.

There was other value in our property investment specialists and private-client share broker, who can supply a list twice a year (after the Australian company reporting seasons) summarising financial data on companies with strong financial health that are likely to perform well.

There is also peace of mind because any queries or compliance issues, could simply be given to the SuperBenefit administrator, who would CONNECT them to the right advisors as required (Connect/Assist Service).

The advisors had put these components in place –

  • Strategyto take control of the retirement plan, and build their super
  • Structure use an SMSF and the SuperBenefit Programme administration
  • Support with resources and all compliance taken care of by SuperBenefit, as well as a team of specialist professionals that the SMSF Connect/Assist service provides, working with the client advisors in unison.

NoteThis is a simplified summary of one client – it is not to be taken as advice, as your specific circumstances are not considered – we recommend asking for a consultation and/or seeking further professional advice with our recommended advisors or your own advisor.

Get the FREE Resource: 5 Easy Steps to Plan your Retirement) 

If you have any questions, why not give us a call – it’s FREE! No obligation.

0407 361 596, Paul

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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!
This entry was posted in Case Studies of Clients, Retirement Planning, Superannuation General and tagged , , , , , , , . Bookmark the permalink.

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