When you’re Financially Well Organised.

  • You’re clear on your goals and objectives
  • You have a strong foundation in place to ensure:
    • If something unplanned happens to you, there is a plan to deal with it.
    • You pay the least amount of tax legally possible so that you maximise your after tax income
    • You have a plan to release your assets from the bank
  • You are clear on your financial goals so that at any future point in time you can choose whether or not to work
  • You have developed a business strategy to maximise your profit and cash flow, and minimize your business risk, so that you can build wealth in terms of your business value and investment asset portfolio
  • You have superannuation integrated into your wealth creation strategy
  • Your investment strategy is designed to align to your goals and objectives and to preserve your capital

Want to know more? Click on each plan below.

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What are your goals and objectives? They can be anything you want them to be, as long as you’re clear on what they are and whether you’re being realistic. Setting your goals and objectives is the first step on the road to becoming Financially Well Organised.

Personal as well as financial goals should be included. Don’t think of them as two separate lists but one. That’s because at FWO Chartered Accountants, we believe it’s important to align your financial goals with your personal ones.

Start with where you are NOW. Then write down, in no particular order, WHERE you want to be and WHAT you want to achieve. Don’t concern yourself with any constraints, just write down what you what to achieve. You can then start working backwards to determine HOW you will achieve it. What will the action plan be?

You might be thinking ‘It’s not as simple as that’. You may be right, but it’s a lot easier to achieve if you know where you’re heading. And FWO Chartered Accountants can guide you along the way.

For tips and checklists on setting your goals and objectives, download our Goals and Objectives paper or contact us.

Download: Goals & Objectives

“What will happen when I’m gone?” Only assets owned in your own name are covered by your Will. Your Estate Plan protects your family from the potential threats that your Will does not.

We hear many stories about families falling apart after someone passes away. Whether the fall out is caused by financial complications, or where children miss out on their inheritance because the surviving spouse remarries and their new partner takes control of the assets. The bad-case scenarios are endless.

Most people think that a Will prevents this from happening and their wishes will be carried out. Unfortunately, this isn’t always the case. Unless it’s properly structured.

Did you know that Wills only cover the assets owned in your name but don’t cover assets owned in a company, superannuation or a trust? Or that even if you appoint a person to be an Executor of your Will, they don’t have to accept the appointment when the time comes?

The right Estate Planning advice and structure brings you peace of mind because you’ll know that not only are your wishes and assets protected for those important to you after your death, but your children or grandchildren could also benefit from significant tax savings.

When considering your Estate Planning, we strongly urge you to consider all aspects of your financial affairs and recommend your Will be prepared by a suitably experienced Estate Planning lawyer.

For more pointers on Estate Planning, you can download a whitepaper. FWO can assist you with all aspects of Estate Planning, be with you at meetings with your lawyer or coordinate the process for you. Just ask us how.

Download: Estate Plan

Your Risk Plan addresses whether you need to save or insure to protect your family’s financial security in the event of an injury, accident or death.

Risk planning is all about ensuring your family’s financial security.

If you were to die, would your family be able to survive financially?

Would your income be protected if you got sick or hurt yourself and were unable to work for a long time?

How would you keep up with living expenses if you had a critical illness and had to quit work?

They’re confronting questions but ones that need to be asked when working out your Risk Plan.

If you answered no to any of these questions then there’s a risk which needs to be fixed.

There are two ways you can do this: to save or insure. Most people don’t have sufficient savings to support and meet their financial obligations for an extended period. If you do, that’s excellent! For the rest of us, insurance is the answer – particularly personal insurance. Personal insurance protects you and your family’s assets and income to ensure they continue to enjoy the freedom of making the lifestyle choices that best suits them.

A huge range of personal insurance products are available – but which ones do you need? To help you select the right products, we recommend you seek advice from an authorised licensed insurance advisor who should take into consideration your personal situation and circumstances.

For more detail on the five main types of personal insurances you should consider, view or download our Risk Plan paper. FWO Chartered Accountants can guide you through the insurance selection process, point out which options would be beneficial from a taxation point of view and even coordinate the whole process – All you have to do is ask.

Download: Risk Plan

An Asset Protection Plan makes sure your assets are owned in the right names or entities so you limit the risk of them being exposed to creditors.

You’ve worked hard, made sacrifices and accumulated some good assets and investments. It makes sense to protect them as much as possible from exposure to creditors. This is where an effective Asset Protection Plan comes in. In its simplest form, an Asset Protection Plan is all to do with structuring.

How much your assets are protected depends on the way you structure the ownership of assets, that is, ensuring they’re owned in the right names or entities. Ways in which assets can be owned include companies, trusts, partnerships and superannuation – all of which offer different benefits and tax ramifications. These are explored in more detail in our Asset Protection Plan.

Be careful, if you are restructuring ownership of assets to remove them from creditors, as under specific bankruptcy and liquidation laws, these transactions can be unwound. Be mindful too when transferring assets between entities – you could be subjecting yourself to additional taxes such as stamp duty and capital gains tax.

Asset protection is an intricate yet broad topic. FWO’s Asset Protection Plan paper is a useful tool to help you gain a better understanding of the benefits of each entity. FWO has a wealth of experience in this area and can guide you around potential pitfalls, and structure an Asset Protection Plan that best suits you. Contact FWO today.

Download: Asset Protection Plan

A Taxation Plan structures your affairs so that you legally pay the least amount of tax and retain more of your income.

Is there anyone who likes paying tax?

Income tax, company tax, payroll tax, GST, FBT, CGT, stamp duty, rates. It can seem endless. Unfortunately, we can’t avoid paying tax. But we can manipulate how much tax we have to pay.

While Australia’s tax system is complex, the tax laws do allow us to structure our affairs in a way that minimises the amount of tax we pay.

When it comes to being Financially Well Organised, it’s vital to have a strategy to pay the least amount of tax possible. Why reduce cash flow to do the things you really want to do – like meeting your personal and financial goals – when you don’t need to?

Your taxation plan should align closely with your Estate and Asset Protection Plans as the structure of assets and how they are owned and distributed can significantly reduce the amount of income tax and capital gains tax you pay.

Tax is a complex subject. Get some tips on developing an effective Taxation Plan in our download. However, to minimise your tax (legally) you should have a chat with FWO. It’s what we do . . . brilliantly!

Download: Taxation Plan

A Debt Plan ensures your assets aren’t over exposed to debt and structures your debt to maximise tax deductibility of the interest.

Today it’s unusual if you don’t have some form of debt. Home loans, business loans, personal loans, credit cards, store cards. Debt in its various forms brought the world to its knees during the Global Financial Crisis. Which is why having a clear, achievable Debt Plan is such an important step towards being Financially Well Organised.

Key elements that should be addressed in your Debt Plan include your choice of loan; a clear repayment plan and lastly the level of exposure your assets are subjected to against the borrowing. Questions you should be asking yourself include what type of loan you should be taking out, the term of the loan and what sort of repayments to make.

If you have more than one loan, you should be considering which loan is more advantageous to keep, which one should be paid off first and what collateral is being held against these loans.

You’ll find more useful hints and tips on how to manage your debt in FWO’s Debt Plan paper. Or if you want more personalised advice to maximise your tax advantage, FWO is more than qualified to do that. Contact us.

Download: Debt Plan

Retirement is setting the date when you can choose to stop work. Your Retirement Plan details the income and assets you need (in addition to superannuation) to retire and outlines the steps to get there.

The aim of a Retirement Plan is to ensure you have enough assets accumulated so their returns are sufficient to fund your retirement and Estate goals. You may choose to continue working past your retirement date, but this should be a choice you make rather than a necessity in order to survive.

Superannuation is an essential part of any retirement plan but it’s not the only part.

In developing a Retirement Plan, the first questions you should ask yourself is when you want to stop working and how much income you will need to live the lifestyle you’d like to live. This will determine what level of assets you need to accumulate. After this point, it’s a matter of assessing your existing assets, considering your cost commitments and what mix of assets you want or need.

One of the keys to successfully accumulating the wealth you’ll need to fund your retirement is structure. As well as providing protection for your hard-earned assets, the correct structure will also manage the impact of taxation on these assets. Taxation has a significant effect on the long term value of your assets so it’s important to get asset structure right.

For more details on how you can develop your plan, download our Retirement Plan paper. Or contact FWO for sound, objective advice.

Download: Retirement Plan

Your business is the main source of your wealth. The 5 Drivers to Business Success are the key to developing a business which will help you achieve your goals.

The forgotten gold mine!

Your business is an asset which you can control the value of and is an integral part of wealth accumulation. It produces money which contributes to your ability to achieve your personal goals.

Some people opt to sell their business to re-invest and earn passive income for their retirement. Others prefer to keep their business but set it up so it allows them to maintain control of their business cash flow but not be there to keep the business running.

Regardless of which option you choose, you need to increase its earnings and its earnings multiple by reducing business risk to ensure your business reaches and holds its full potential value.

That’s where your business plan comes in. Your business plan is your map; your action plan which you must implement.

Base your plan on five core drivers: business context; organisational responsibility; financial management systems; revenue strategy and leadership.

Read the Business Plan paper for an overview of strategies. There are also additional papers on the Five Drivers to Business Success available. Why not contact FWO to help you refine your Business Plan strategies?

Download: Business Plan

Many people miss out on the enormous tax benefits of superannuation. A Superannuation Plan will ensure you have a strategy to produce greater wealth at retirement.

For many, superannuation is the only asset they’ll accumulate for retirement. Others may ignore it for a number of reasons. Superannuation should be an essential component of any retirement plan.

We believe you should treat your superannuation just like any other asset. That means being actively involved in its performance – not just ignoring it as a ‘set and forget’ strategy.

How come? For two really good reasons.

Firstly, the long-term compounding effect of your earnings combined with the tax benefits attached to superannuation produces a much greater asset value for you at retirement than if you invested outside of superannuation.

Secondly, superannuation provides protection for the assets you have invested in your super fund – but not if you’ve made contributions as part of a plan to shift assets out of reach of creditors.

If you want to know more about what type of fund you should invest in, Self Managed Superannuation Funds and checklists, view or download our Financially Well Organised Superannuation Plan paper. Alternatively, contact FWO Chartered Accountants to consult with a qualified licensed advisor.

Download: Superannuation Plan

An Investment Plan will increase your asset base, while focusing on preserving your capital and managing your risks, to meet you personal and financial goals.

Your Investment Plan is the last step towards being Financially Well Organised – after you’ve sorted out your estate, structured your financial affairs so that your risks and tax are minimised, your debts are under control and your assets protected.

After all there seems little point in developing an Investment Plan if your investments have to be sold prematurely because of poor planning or returns are eroded over time from paying too much tax.

Develop your investment strategy in sync with your personal and financial goals and objectives. Also take into consideration what your attitude is towards risk. Lastly, you should focus on the preservation of your capital.

Our Investment Plan resource is available for viewing or download if you want to learn more about risk, returns and how to avoid investment pitfalls. For a comprehensive and effective Investment Strategy, call FWO on 07 3833 3999 or contact us online.

Download: Investment Plan