Mr Wong is a new migrant from HongKong. He has accumulated a decent amount of wealth overseas and came to Australia to enjoy the retirement life. He’s worried about Australian tax burden on his existing asset portfolios after becoming Australian tax resident.
We have reviewed Mr Wong’s situation and implemented a series of preparation plans to minimise the future tax burden. He is now enjoying his Aussie life with a peace of mind.
We were completing Peter’s individual tax return and 360 degrees reviewing his tax position as usual. We found Peter was paying enormous amount of insurances within his superannuation fund that he has no ideas of. Such a large amount of insurance premium is eating into his superannuation balance and can cause a serious issue when approaching retirement.
We have completed a factor finder session and identified the real needs for Mr Smith. We have saved Mr Smith 30% insurance premium ($3,500) a year and made the premium structure more tax deduction friendly.
Mary would like to boost her superannuation balance, so she can use it to fund her future retirement. May has a fully paid off commercial property but she doesn’t have enough liquid cash to make any large contribution to her Superannuation fund.
After completing the Statement of Advice, we have set up a SMSF and a custodian trust for Mary. Portion of her commercial property was transferred over as in-specie contribution while the rest is through LRBA with a related party borrowing arrangement. As Mary have engaged the full service, we have also requested the stamp duty on the transfer of property from $25,000 to be reduced to only $500.