Other areas where we can assist are business planning, estate planning, aged care, salary sacrifice, Centrelink/Social Security and redundancy.

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Business Planning

Managing a business can be both intensely challenging and rewarding at the same time. It is so multi-faceted, and business owners can often be easily consumed by the demands of the business. It is critical to ensure your business has a strong vision and direction, and with that in mind it can often seem like there is never enough time for tasks like organising your corporate super or business succession planning.

At Wealth Plus Solutions, we can ensure that your business has strategies in place that will enhance your business, while protecting you and your employees. We can provide advice and guidance on a number of business solutions to help you achieve success. We will also aim to develop strategies that may help realign your work/life priorities, so you also have the time you deserve outside of your business.

Estate Planning

Estate planning is an area of specialist advice, and working in conjunction with your solicitor who will draft all required documentation, we can help ensure your assets pass smoothly to the right people and in the most tax-effective manner.

It’s surprising that many otherwise organised people don’t have an up-to-date will. But, estate planning can be complex, particularly if you own a business or have dependent children.

Leaving loved ones behind is hard to think about, but the last thing anyone wants is for their partner or children to deal with legal problems at a time of grief. So it’s important to create a will and review it regularly.

Aged Care Advice

It can be a tough time if you (or your loved one) are about to make the transition from the family home to an aged care facility.  Apart from the emotional upheaval, decisions about affordability of accommodation and the minefield of options available to finance it can be overwhelming. The knowledge that you can afford to stay in a comfortable environment where you are receiving the best care will bring peace of mind to you and your family.

We can help you with:

  • Addressing the options you have with your home – to sell or not to sell and the impact this has on aged care fees and Centrelink/DVA.
  • Addressing your other financial investments, their impact on aged care fees and Centrelink/DVA.
  • Addressing the options you may have to pay an accommodation bond.
  • Providing you with the information so that you can make an informed financial decision about your or your loved one’s transition into an aged care facility.

Salary Sacrifice

Salary sacrifice, sometimes referred to as salary packaging, is an Australian Taxation Office (ATO) approved way of receiving benefit such as motor vehicles, extra superannuation and other items by way of a pre-tax salary payment.  By paying for these items before tax means that you will be taxed on your remaining income.  This in turn lowers your taxable income, meaning you pay less tax.

Depending on the industry and sector you work in, when you salary package, you could be eligible to pay for a range of expenses – such as vehicle running costs, additional superannuation contributions, and some work-related costs – with your pre-tax salary. If you work in a health or charitable organisation, you could also salary package items such as your mortgage or rent payments.

With some all of these options available to you the decision you make as to where to direct your income can be complex.  With your priorities in mind we can help you maximise the benefits that are available to you.

At each pay cycle, you could end up with more money to spend on the things you want.

Centrelink/Social Security

We are able to provide you with strategies and advice to ensure you receive any Centrelink assistance you are entitled to, such as: Age or Disability Support Pensions; Widow Allowance; Family Tax Benefit; Newstart Allowance.  There is also a range of benefits for service veterans.

Whilst the Age Pension is not sufficient for a lavish lifestyle, many people will rely on at least a portion of this benefit to fund their retirement.  We can help you structure your investments and assets to maximise your chances of qualifying for a pension and maximising your overall retirement income.

Specific benefits including the Health Care Card and Pharmaceutical Allowance can provide significant financial assistance to retirees.  We can help with maximising your chances for eligibility for these benefits.

Redundancy

Redundancy generally makes for a stressful time where important lifestyle and financial decisions need to be made. Fully understanding the financial implications of redundancy, such as tax consequences and changes to social welfare entitlements can be a complicated process.

To ensure a favourable outcome from your redundancy package, it’s essential to adopt strategies advantageous to your individual circumstances. Tax, for instance is a complicated area given each component of the redundancy is taxed differently and therefore careful consideration needs to be applied to individual circumstances.

We can guide you through these strategies. The difference between no advice and good advice may be the difference in how well you manage the redundancy process.

For people who find themselves unexpectedly out of work or without their usual income. We can provide advice to help you manage through this potentially difficult and stressful time by making the right decisions and investment choices regarding lump sum payments, superannuation, taxation and social security entitlements.