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Will you be financially healthy in 2009

 

The start of the year is a great time to reflect on your achievements over the past year and importantly focus on what you would like to achieve in the coming year.

 

At this time of the year, many people look back and reflect on what they achieved the year before and set goals for the 12 months ahead. Most often this will be centred around lifestyle decisions such as shedding a few kilos by dieting or planning a holiday with family or friends.

 

The start of the year is also a time when it is just as important to ensure we take the time to consider what we achieved and what we would like to achieve when it comes to our financial security.

 

Investment market volatility throughout 2008 has been well documented and the continuing uncertainty in both global and domestic markets may mean many clients are holding back on making decisions that can enhance their financial security.

 

Financial Planning is not just about the state of the market, regardless of sharemarket movement there are some key areas you should be considering as part of your goal setting for 2009.

 

1. Assessing your risk profile

 

What can you ‘afford to risk’ in the short-term for higher returns, particularly during tougher market periods, may change dramatically with age, marriage, children, wealth and retirement.

 

Therefore, it’s vital that you review your financial strategy periodically or as significant life events occur to take account changes in your:

 

A) Time horizon

 

B) Income and growth requirements

 

C) Ability to cope with short-term volatility

Accurately interpreting these three factors can ensure healthy balance (over time) between investment returns and the level of risk you can afford to handle – whatever the market conditions.

 

2. Ensure you have adequate Wealth Protection

 

During tough economic times, many Australians will consider letting their existing wealth protection policies lapse in an effort to save money. However, it is important to remember the safety net wealth protection can provide when either an accident or illness occurs. It can be both an emotional and financially stressful time when something happens to either a loved one or business partner. One way to reduce the emotional burden is to ensure you, your family and/or business partner(s) have adequate insurance in place.

Did your circumstances change in 2008 that mean you should adjust your current level of cover?

 

3. Do you have a will? Is your will up to date?

 

If you don’t have an estate plan, you have no control over where your assets go on your death. Get organised today and prevent leaving behind a potentially unpleasant and messy financial legacy for your loved ones.

 

An estate plan determines how your assets and liabilities will be handled when you die. It should ensure that your wishes are met and help secure the financial future of your loved ones by tax-effectively passing on your assets.

 

However, estate planning is a complex issue and to lay the foundations for a successful plan, there are several factors your must address.

 

A) Ensure your will is valid

B) Fill out a Binding Death Nomination Form

C) Protect your assets

 

Reduction in the minimum annual payment amount for the 2009 financial year  

 

Amended regulations which commenced on 17 March 2009 provide relief for self-funded retirees from the minimum payment requirement for account-based pensions. This change is due to the impact of the downturn in global financial markets on superannuation accounts. The regulations reduce the minimum annual pension payment by 50% for the 2008/09 financial year only. For example, a self-funded retiree who is 60 years of age is currently required during a year to draw a minimum annual pension payment of 4% of their account balance as at 1 July (or the account balance as at the commencement date of the pension, if it commenced during that year)

 

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Under the regulations, this percentage would be reduced to 2% for the 2008/09 financial year.

For more information on superannuation income streams, refer to:

 

- Types of pension

 

- Changes to pension standards for self managed super funds

 

- Stopping & starting a superannuation income stream

 

For more information on this measure, refer to:        

 

- Regulations released for pension drawdown measure to benefit retirees

 

- Fact sheet – pension drawdown relief for retirees

 

 

 

 

 

 

Last updated 13.05.09

 

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Robson Consulting Group Pty Limited
Chartered Accountants, Business & Financial Advisors
Suite 14 Level , 207 Albany Street (North), Gosford NSW 2250
PO Box 846 Gosford NSW 2250
Telephone +61 2 4324 5466
Facsimile +61 2 4324 4009
Email: mail@robson.com.au

Please send mail to mail@robson.com.au with questions or comments about this web site.
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