The Australian Taxation Office, acting as regulator of Australia's 360,000-plus self-managed funds, is looking closely at how SMSFs borrow to invest using instalment warrants.
In the words of assistant commissioner for superannuation, Ian Read, the use of instalment warrants by SMSFs in a way that is in breach of the superannuation law is "on our radar" for 2007-08.
Read's warning follows amendments to the Superannuation Industry (Supervision) Act, in effect from September 24, which unequivocally allow SMSFs to borrow to invest using instalment warrants - provided stringent conditions are met.
The change in the law is in spite of the general, long-standing bar on funds using borrowed money to invest. The general borrowing bar remains in place and the recent amendments should be seen as an exception.
The tax office's signal that it intends to target borrowing by funds under the new amendments for possible breaches of the law is not surprising. Some superannuation, tax and investment advisers forecast that the amendments will trigger a fast-growing trend over the next couple of years for funds to borrow to buy shares and direct property.
One Sydney superannuation and tax lawyer Robert Richards, principal of Robert Richards & Associates, for instance, says that even though the borrowing amendments are headed "instalment warrants", the measures apply to borrowing by funds, with or without warrants, provided the new borrowing rules are stringently followed. (You should seek professional advice before acting.)
Under the rules set out in the amendments, a SMSF can borrow to invest provided the asset is held in trust for the fund until it acquires legal ownership after the final payment, the lender cannot have security over any of the fund assets, and a fund can only still buy assets that it is already allowed to acquire under superannuation law.
Ian Read makes it clear that the tax office will be examining fund transactions to identify possible breaches of any of these stringent rules - including giving security over fund assets for loans and trying to acquire assets that are not permitted under superannuation law. As an example, Read refers to funds attempting to acquire residential property from members - a transaction that is barred under superannuation law.
(See: http://www.ato.gov.au/corporate/content.asp?doc=/content/00109674.htm)
If your SMSF is going to use a borrow-to-invest strategy using the recent amendments, take extreme care. The tax office is watching for any breaches. Please liaise with us before you do anything here.
Wednesday, January 09, 2008
Friday, January 04, 2008
Stop loss orders
With the increasing sophistication of share trading, many investors now make use of something known as a ‘stop-loss order.’
What is a Stop-loss Order?
A stop-loss order is one of the class of orders known as ‘conditional orders.’ As that name suggests, a conditional order is one that is only placed into the market when some predetermined condition has been met.
A stop-loss order is an order to sell a shareholding. The sale order is only placed into the market when the market price for a specific security falls below the predetermined trigger point for the order.
For example, suppose I buy 100 shares in company X, each valued at $10. I then visit my online trading screen and place a conditional order to sell all of my shares if the market drops to $9.50. This order then stays ‘within the system’ until the time that I nominate the expiration of the conditional order.
If the price does not drop to $9.50, then the shares will not be sold. But if the price does drop to this point, then my shareholding will be sold automatically.
What Are Stop-Loss Orders Designed to do?
The idea of a stop-loss order is to minimize the extent to which an investor is exposed to falling share prices. The strategy works well within a context of ‘letting profits run and cutting losses.’ This is because the investor places a ‘floor’ below which the value of his or her shareholding should not fall. If the price of a security reaches the trigger point, the security is sold and the investor’s portfolio moves back to the comparative safe haven of a cash holding.
In the example above, the maximum loss that the investor would face is 5% plus brokerage. This is because the investor will automatically sell shares should they reach that trigger point. Therefore, by using a stop-loss order an investor can create a situation in which downside risk is managed.
How to Place a Stop-Loss Order
Stop-loss orders are easy to place. Any reputable online brokerage will make the facility available, as of course will full service brokers. Typically, an additional brokerage of around 20% (of the standard brokerage fee, not the value of the holding) is charged for a conditional order.
When making a stop-loss order, the investor is able to nominate the price at which the order will be triggered and the period during which the order will remain current. Typically, brokers only charge a fee for those orders that are actually implemented.
Notification
Most brokers will offer an immediate e-mail notification when ever a conditional order is implemented. This is very important, as it may be the first point at which the investor becomes aware of a sharp drop in the price of the security.
The notification gives the investor an opportunity to re-examine the underlying company and its prospects. Bear in mind that a falling share price can actually be good news is that somebody who is following a company. That individual may, on further examination, decide that the lower share price represents an improved buying situation. In such a case, the investor would decide to once again make an investment in that company.
If the reinvestment occurs at the same price as the price at which the conditional order took effect, then the investor will have lost the brokerage on the transaction. Many investors feel that this is a small price to pay for the ability to limit their exposure to loss on an individual shareholding.
If the reinvestment occurs at a lower price than the price at which the conditional order took effect, then the investor will be able to purchase a larger holding in that company for the same amount. Given that the investor obviously likes the prospects of the target company, this is of course a good thing.
If the reinvestment occurs at a higher price than the price at which the conditional order took effect, then the investor will have lost on the transaction. Once again, this loss must be looked at in the context of the opportunity that the investor is purchasing by placing the conditional order.
Words of Caution
As with any investing strategy, stop-loss orders are not without their risk. There are various features of which an investor should be aware when making use of a stop-loss order.
Very Sharp Falls
The first such feature is that the stop-loss order will typically only be actioned if the price of a security actually stops at the trigger price for long enough. For example, if a stop-loss order is placed on a security at a price of $9.50, it is possible that, in a quickly falling market, the security may stop at that price for too short a time for the order to be actioned. By the time the order is ready to be actioned, the market price has fallen further. This means that the shareholder will not be able to find a buyer at their trigger price, and the sale will not occur.
It is of course also possible that it quickly falling market, the trigger price may be bypassed altogether. For example, a security that closes at $9.60 on a Tuesday night may open at $9.40 on Wednesday morning. In this case, the investor will be stuck with shares that have fallen below the point at which they wanted to be divested.
Some brokers allow you to 'get around' this problem by actioning the stop loss order when the price reaches or falls below the trigger price. This means that if the price falls so sharply that your trigger price is not settled on, the order will proceed at the lower market price. You need to be aware that this means that your stop loss order may take effect at a lower price than you intended - how low will depend on how fast the price falls and how many other people are trying to sell.
Volatile Securities
The prices of certain securities are inherently volatile. Wide swings can occur in short periods of time. Care must be exercised when placing a stop-loss order on a security such as this. This is because the sharp fall which triggers the order may only be temporary. By the time the investor has realized that their holding has been sold and has focused their attention back on the security, the price may have risen again and all that the conditional order has done is lock in a loss for the investor.
This volatility should be managed by careful selection of the trigger price for the order. For example, if it is known that temporary falls of up to 10% in the market price of a security are common, then the investor should not choose a trigger price that is within 10% of the current market price.
Ex Dividend
In addition, investors need to be aware that the market price for a security will typically fall on the day on which that security goes ‘ex dividend.’ For example, if a share is worth $10 on a Tuesday evening, and on the Wednesday goes ex a $.50 dividend, then it is quite possible that the market price about security will fall to $9.50. Of course, the situation for the shareholder has not changed at all: their assets are still worth $10 (50 cents in cash and the share worth $9.50) but they will have automatically sold shares that they may actually wish to continue holding.
Laziness
Finally, investors need to be aware that conditional orders can lead to laziness. A direct share portfolio must be attended to regularly. Stop-loss orders, as with all conditional orders, can quickly be made redundant.
The situation of a quickly falling share price, which skips the trigger price and bus does not allow the investor time for the conditional order to be implemented, is one example of a stop-loss order being made redundant. However, stop-loss orders can also be made redundant when share prices rise.
For example, suppose an investor purchases a security for $10. They place a stop-loss order at $9.50. They then forget all about the share holding. The price increases to $15, representing a 50% gain for the investor. However, because of the presence of the conditional order the investor has stopped paying attention. The next week, the share price falls to $12. While the investor has still made a 20% gain, they have actually made a 20% loss from the peak of $15.
What the investor should have been doing was revisiting their portfolio periodically and increasing the trigger prices at which their conditional orders had been set. Remember, every day that an investor continues to hold she is in a particular company is a day in which the investor has effectively repurchased their holding in that particular company. Given that the holding has been repurchased, it should also be re-protected by an investor who wishes to make use of conditional orders.
What is a Stop-loss Order?
A stop-loss order is one of the class of orders known as ‘conditional orders.’ As that name suggests, a conditional order is one that is only placed into the market when some predetermined condition has been met.
A stop-loss order is an order to sell a shareholding. The sale order is only placed into the market when the market price for a specific security falls below the predetermined trigger point for the order.
For example, suppose I buy 100 shares in company X, each valued at $10. I then visit my online trading screen and place a conditional order to sell all of my shares if the market drops to $9.50. This order then stays ‘within the system’ until the time that I nominate the expiration of the conditional order.
If the price does not drop to $9.50, then the shares will not be sold. But if the price does drop to this point, then my shareholding will be sold automatically.
What Are Stop-Loss Orders Designed to do?
The idea of a stop-loss order is to minimize the extent to which an investor is exposed to falling share prices. The strategy works well within a context of ‘letting profits run and cutting losses.’ This is because the investor places a ‘floor’ below which the value of his or her shareholding should not fall. If the price of a security reaches the trigger point, the security is sold and the investor’s portfolio moves back to the comparative safe haven of a cash holding.
In the example above, the maximum loss that the investor would face is 5% plus brokerage. This is because the investor will automatically sell shares should they reach that trigger point. Therefore, by using a stop-loss order an investor can create a situation in which downside risk is managed.
How to Place a Stop-Loss Order
Stop-loss orders are easy to place. Any reputable online brokerage will make the facility available, as of course will full service brokers. Typically, an additional brokerage of around 20% (of the standard brokerage fee, not the value of the holding) is charged for a conditional order.
When making a stop-loss order, the investor is able to nominate the price at which the order will be triggered and the period during which the order will remain current. Typically, brokers only charge a fee for those orders that are actually implemented.
Notification
Most brokers will offer an immediate e-mail notification when ever a conditional order is implemented. This is very important, as it may be the first point at which the investor becomes aware of a sharp drop in the price of the security.
The notification gives the investor an opportunity to re-examine the underlying company and its prospects. Bear in mind that a falling share price can actually be good news is that somebody who is following a company. That individual may, on further examination, decide that the lower share price represents an improved buying situation. In such a case, the investor would decide to once again make an investment in that company.
If the reinvestment occurs at the same price as the price at which the conditional order took effect, then the investor will have lost the brokerage on the transaction. Many investors feel that this is a small price to pay for the ability to limit their exposure to loss on an individual shareholding.
If the reinvestment occurs at a lower price than the price at which the conditional order took effect, then the investor will be able to purchase a larger holding in that company for the same amount. Given that the investor obviously likes the prospects of the target company, this is of course a good thing.
If the reinvestment occurs at a higher price than the price at which the conditional order took effect, then the investor will have lost on the transaction. Once again, this loss must be looked at in the context of the opportunity that the investor is purchasing by placing the conditional order.
Words of Caution
As with any investing strategy, stop-loss orders are not without their risk. There are various features of which an investor should be aware when making use of a stop-loss order.
Very Sharp Falls
The first such feature is that the stop-loss order will typically only be actioned if the price of a security actually stops at the trigger price for long enough. For example, if a stop-loss order is placed on a security at a price of $9.50, it is possible that, in a quickly falling market, the security may stop at that price for too short a time for the order to be actioned. By the time the order is ready to be actioned, the market price has fallen further. This means that the shareholder will not be able to find a buyer at their trigger price, and the sale will not occur.
It is of course also possible that it quickly falling market, the trigger price may be bypassed altogether. For example, a security that closes at $9.60 on a Tuesday night may open at $9.40 on Wednesday morning. In this case, the investor will be stuck with shares that have fallen below the point at which they wanted to be divested.
Some brokers allow you to 'get around' this problem by actioning the stop loss order when the price reaches or falls below the trigger price. This means that if the price falls so sharply that your trigger price is not settled on, the order will proceed at the lower market price. You need to be aware that this means that your stop loss order may take effect at a lower price than you intended - how low will depend on how fast the price falls and how many other people are trying to sell.
Volatile Securities
The prices of certain securities are inherently volatile. Wide swings can occur in short periods of time. Care must be exercised when placing a stop-loss order on a security such as this. This is because the sharp fall which triggers the order may only be temporary. By the time the investor has realized that their holding has been sold and has focused their attention back on the security, the price may have risen again and all that the conditional order has done is lock in a loss for the investor.
This volatility should be managed by careful selection of the trigger price for the order. For example, if it is known that temporary falls of up to 10% in the market price of a security are common, then the investor should not choose a trigger price that is within 10% of the current market price.
Ex Dividend
In addition, investors need to be aware that the market price for a security will typically fall on the day on which that security goes ‘ex dividend.’ For example, if a share is worth $10 on a Tuesday evening, and on the Wednesday goes ex a $.50 dividend, then it is quite possible that the market price about security will fall to $9.50. Of course, the situation for the shareholder has not changed at all: their assets are still worth $10 (50 cents in cash and the share worth $9.50) but they will have automatically sold shares that they may actually wish to continue holding.
Laziness
Finally, investors need to be aware that conditional orders can lead to laziness. A direct share portfolio must be attended to regularly. Stop-loss orders, as with all conditional orders, can quickly be made redundant.
The situation of a quickly falling share price, which skips the trigger price and bus does not allow the investor time for the conditional order to be implemented, is one example of a stop-loss order being made redundant. However, stop-loss orders can also be made redundant when share prices rise.
For example, suppose an investor purchases a security for $10. They place a stop-loss order at $9.50. They then forget all about the share holding. The price increases to $15, representing a 50% gain for the investor. However, because of the presence of the conditional order the investor has stopped paying attention. The next week, the share price falls to $12. While the investor has still made a 20% gain, they have actually made a 20% loss from the peak of $15.
What the investor should have been doing was revisiting their portfolio periodically and increasing the trigger prices at which their conditional orders had been set. Remember, every day that an investor continues to hold she is in a particular company is a day in which the investor has effectively repurchased their holding in that particular company. Given that the holding has been repurchased, it should also be re-protected by an investor who wishes to make use of conditional orders.
Thursday, January 03, 2008
ATO and ASIC SMSF Information Service
http://www.ato.gov.au/super/content.asp?doc=/content/00098951.htm
One site I just discovered was the ATO's SMSF newsletter. This contains all ASIC and ATO determinations on SMSF related matters, and you can access it here http://www.ato.gov.au/super/content.asp?doc=/content/00098951.htm
We recommend all clients with SMSFs register here. It really is a good service and one we heartily recommend.
One site I just discovered was the ATO's SMSF newsletter. This contains all ASIC and ATO determinations on SMSF related matters, and you can access it here http://www.ato.gov.au/super/content.asp?doc=/content/00098951.htm
We recommend all clients with SMSFs register here. It really is a good service and one we heartily recommend.
Wednesday, January 02, 2008
Stay calm amidst the turbulence
The share market has been very turbulent this past month or so. In the last week, the troubles at Centro have 'spread' to the entire LTP sector, which was off about 10% earlier this week.
As we have written before, market downturns can test the courage of your convictions. Most of our financial planning clients have been encouraged to use regular 'dollar cost averaging' to make their investments into the share market. It is easy to keep making investments when the market is rising. When the market is not going well, it is an easy mistake to make to 'wait for things to get better' before making your next investment.
Downturns are great buying opportunities - much better than upturns. So, if your regular buying day falls at a time when the market is down, please make the investment regardless. Buying when prices are low has a wonderfully positive effect on your portfolio. Waiting for prices to fall even further is problematic, because no one really knows in which direction the market will move next. Waiting for prices to rise is particularly counter-productive if you are a buyer.
As we have written before, market downturns can test the courage of your convictions. Most of our financial planning clients have been encouraged to use regular 'dollar cost averaging' to make their investments into the share market. It is easy to keep making investments when the market is rising. When the market is not going well, it is an easy mistake to make to 'wait for things to get better' before making your next investment.
Downturns are great buying opportunities - much better than upturns. So, if your regular buying day falls at a time when the market is down, please make the investment regardless. Buying when prices are low has a wonderfully positive effect on your portfolio. Waiting for prices to fall even further is problematic, because no one really knows in which direction the market will move next. Waiting for prices to rise is particularly counter-productive if you are a buyer.
Get rid of bookkeeping and BAS Hassles forever
The problem
As many of our clients will be aware, we have been encouraging the use of simple bookkeeping solutions to keep the time, effort and cost involved in complying with tax obligations to a minimum.
We’re finding that most clients who use packages such as Quicken/QuickBooks or MYOB really do not use them properly. They’re just not very user friendly for someone with no bookkeeping experience. Some clients use a simpler package called Cashflow Manager, which enables bank statements to be downloaded directly into the software. Cashflow Manager is a lot simpler and more user friendly than the other 2 packages, but we’re still seeing clients who have bought it, received training and then either don’t use it or use it incorrectly.
This experience has led us to conclude that most of our clients just do not want to deal with financial record keeping and BAS preparation. With busy professional and personal lives, this makes perfect sense. A doctor or dentist’s time is much better spent either seeing patients or spending time with family.
The solution
We strongly recommend that most, if not all, of our clients commence using Banklink. Banklink works like this: You sign a form to subscribe to Banklink. This enables McMasters’ to get a download of your business bank accounts via Banklink. We then use this data to prepare your BAS for you. Banklink is intelligent software that remembers recurring transactions. Your only involvement in the process will be to answer any queries we send you each quarter while preparing your BAS.
Advantages of Using Banklink
• Hassle free: McMasters’ do your bookkeeping and BAS for you.
• Lower ATO audit risk: your Accountant does your books, which provides a level of assurance to an ATO business record keeping auditor that financial records and BAS forms are accurate.
• Enhanced Financial Planning: issues affecting your tax liability and financial well being will be identified earlier at the time we prepare the BAS rather than waiting till after year end, when it’s too late.
• No need to hire a bookkeeper: your books will be done by McMasters’ so you don’t have to hire an external bookkeeper.
• Simpler tax returns: The year end tax return preparation process will be quicker and simpler as we’ll effectively be doing your tax each quarter.
What does Banklink cost?
• Banklink is free for our clients. McMasters’ is charged a small fee by Banklink based on the number of transactions. We will absorb this fee as we believe efficiency gains will far outweigh the cost.
• We will charge a time-based fee for preparing the BAS. While every case is different, we anticipate the fee will not exceed $300 per BAS.
• The fee for the year end tax return will reduce substantially as the bulk of the work will have already been completed.
Using Banklink effectively
All business transactions, and only business transactions, should be recorded in:
• A business bank account.
• A business loan, if applicable.
• A business credit card.
Provided all, or nearly all, business transactions are recorded in this way, Banklink will work very efficiently as we will capture all relevant business transactions and import them into Banklink.
As many of our clients will be aware, we have been encouraging the use of simple bookkeeping solutions to keep the time, effort and cost involved in complying with tax obligations to a minimum.
We’re finding that most clients who use packages such as Quicken/QuickBooks or MYOB really do not use them properly. They’re just not very user friendly for someone with no bookkeeping experience. Some clients use a simpler package called Cashflow Manager, which enables bank statements to be downloaded directly into the software. Cashflow Manager is a lot simpler and more user friendly than the other 2 packages, but we’re still seeing clients who have bought it, received training and then either don’t use it or use it incorrectly.
This experience has led us to conclude that most of our clients just do not want to deal with financial record keeping and BAS preparation. With busy professional and personal lives, this makes perfect sense. A doctor or dentist’s time is much better spent either seeing patients or spending time with family.
The solution
We strongly recommend that most, if not all, of our clients commence using Banklink. Banklink works like this: You sign a form to subscribe to Banklink. This enables McMasters’ to get a download of your business bank accounts via Banklink. We then use this data to prepare your BAS for you. Banklink is intelligent software that remembers recurring transactions. Your only involvement in the process will be to answer any queries we send you each quarter while preparing your BAS.
Advantages of Using Banklink
• Hassle free: McMasters’ do your bookkeeping and BAS for you.
• Lower ATO audit risk: your Accountant does your books, which provides a level of assurance to an ATO business record keeping auditor that financial records and BAS forms are accurate.
• Enhanced Financial Planning: issues affecting your tax liability and financial well being will be identified earlier at the time we prepare the BAS rather than waiting till after year end, when it’s too late.
• No need to hire a bookkeeper: your books will be done by McMasters’ so you don’t have to hire an external bookkeeper.
• Simpler tax returns: The year end tax return preparation process will be quicker and simpler as we’ll effectively be doing your tax each quarter.
What does Banklink cost?
• Banklink is free for our clients. McMasters’ is charged a small fee by Banklink based on the number of transactions. We will absorb this fee as we believe efficiency gains will far outweigh the cost.
• We will charge a time-based fee for preparing the BAS. While every case is different, we anticipate the fee will not exceed $300 per BAS.
• The fee for the year end tax return will reduce substantially as the bulk of the work will have already been completed.
Using Banklink effectively
All business transactions, and only business transactions, should be recorded in:
• A business bank account.
• A business loan, if applicable.
• A business credit card.
Provided all, or nearly all, business transactions are recorded in this way, Banklink will work very efficiently as we will capture all relevant business transactions and import them into Banklink.
Thursday, December 20, 2007
Take financial care on your holidays
Holidays are not a good time to buy a holiday home or unit. The salesmen are out in force and the joy of endless family holidays for is an emotional trigger they know how to pull. I am not saying holiday homes cannot be good investments: over the last ten years we have seen some stunning results and many clients did very well out of holiday homes. And they enjoyed some great holidays too. Its just that January, while on holidays, is not the right time to buy.
And BTW, if you buy in January you will settle in April 2008, just in time for time for the winter season.
The best time to buy a holiday home is July. Fewer buyers are around and that means better value. And you are dealing with someone who has to sell, not someone who wants to make a killing.
And remember to avoid off the plan sales and sales that come with rental guarantees. Its possible these may turn out well, but its probable they will not. And we prefer to follow the probabilites rather than the possibilities.
I have just left Orlando Florida, home of theme parks and high pressure salesmen, and everyone from the concierge to the tourist information centre are fronts for high pressure sales tactics. Its nowhere near as bad in Australia, but it prompted me to type this reminder to take care financially while you are on holidays.
And BTW, if you buy in January you will settle in April 2008, just in time for time for the winter season.
The best time to buy a holiday home is July. Fewer buyers are around and that means better value. And you are dealing with someone who has to sell, not someone who wants to make a killing.
And remember to avoid off the plan sales and sales that come with rental guarantees. Its possible these may turn out well, but its probable they will not. And we prefer to follow the probabilites rather than the possibilities.
I have just left Orlando Florida, home of theme parks and high pressure salesmen, and everyone from the concierge to the tourist information centre are fronts for high pressure sales tactics. Its nowhere near as bad in Australia, but it prompted me to type this reminder to take care financially while you are on holidays.
Wednesday, April 25, 2007
The Best Way to Make Sure You Are Doing Everything You Should be Doing
Our next seminar is on Saturday 28th April 2007 at the Savoy Hotel on the Esplanade (ie Beach Road) Brighton. The next one after that is in May and comprises part of a formal training program for dentists joining the RACDS.
We still have five spare spots for this Saturday's seminar.
Attendance is free for clients and comes with fresh coffee and bikkies throughout and a light lunch.
We have 25 enrolments at present for the Melbourne seminar, but only 19 of these will claim RACGP points. The College limits us to 25 attendees claiming points per seminar, so we still have 9 spots available. The seminar counts for 30 Category One points. The next two seminars seminar cover:
(i) in session 1, how to structure your practice to minimise your accounting costs, employment on-costs and income tax, practice trusts, the state of play on service trusts and the draft ruling, and ten top tax planning tips and "frequently overlooked deductions";
(ii) in session 2, how to invest without paying commissions and without losing control of your money, with a particular emphasis on maximising after tax returns; and
(iii) in session 3, how to use the new superannuation rules to your advantage including double deductions for self-employed doctors, superannuating kids, superannuation parents, gearing deductible superannuation contributions and year end tax planning and the new pension rules. We also discuss wills, how and when to retire and asset protection principles
You can ask questions before the seminar and we will make sure we incorporate the answers in our presentation. Just let me know what you want us to do.
Contact Alix on alix@mcmasters.com.au or 03 9592 9888 to book your spot now. Spouse are more than welcome.
We still have five spare spots for this Saturday's seminar.
Attendance is free for clients and comes with fresh coffee and bikkies throughout and a light lunch.
We have 25 enrolments at present for the Melbourne seminar, but only 19 of these will claim RACGP points. The College limits us to 25 attendees claiming points per seminar, so we still have 9 spots available. The seminar counts for 30 Category One points. The next two seminars seminar cover:
(i) in session 1, how to structure your practice to minimise your accounting costs, employment on-costs and income tax, practice trusts, the state of play on service trusts and the draft ruling, and ten top tax planning tips and "frequently overlooked deductions";
(ii) in session 2, how to invest without paying commissions and without losing control of your money, with a particular emphasis on maximising after tax returns; and
(iii) in session 3, how to use the new superannuation rules to your advantage including double deductions for self-employed doctors, superannuating kids, superannuation parents, gearing deductible superannuation contributions and year end tax planning and the new pension rules. We also discuss wills, how and when to retire and asset protection principles
You can ask questions before the seminar and we will make sure we incorporate the answers in our presentation. Just let me know what you want us to do.
Contact Alix on alix@mcmasters.com.au or 03 9592 9888 to book your spot now. Spouse are more than welcome.
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