Financial Planning 101

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1 Hughes Forbes Financial Services AFSL Financial Planning 101 P R E S E N T E D BY F A B I A N P O S T I G L I O N I M a y

2 Disclaimer 2 This material is not intended to constitute personal advice and must not be relied upon as such. This material is of a general nature only and has been prepared without taking into account your individual objectives, financial situation or needs. Before making a decision based on this material, you should consider the appropriateness of this material having regard to your objectives, financial situation and needs and consider obtaining independent advice from a licensed financial adviser. Fabian Postiglioni is an employee representative of Hughes Forbes Financial Services Pty Ltd, AFSL

3 Agenda Employee Share Plans Salary Packaging and Sacrifice Taxation Family Assistance Wealth Creation Insurance Superannuation Estate Planning Wrap Up 3

4 4 Employee Share Plan

5 Employee Share Plan How should I take my bonus? What are my financial objectives? Save for a property deposit Pay off my home loan Start an investment portfolio Short, medium or long term goals Can I afford to forego some of my salary to buy shares? What makes the most financial sense for me? Depends on your personal circumstances 5

6 My options are: Employee Share Plan Employee Share Scheme Cash Marginal Tax Rate What is the difference? Shares Tax Effective Subject to Performance of the company Cash Taxed at your marginal rate up to 46.5% Guaranteed Amount 6

7 Employee Share Plan Employee Share Plan Taxation Taxed Upfront Scheme Eligible for $1,000 reduction Taxable income =<$180,000 Not own/control more than 5% of the company/voting rights Taxed Deferred Scheme Acquire shares via salary sacrifice to a maximum of $5,000 Not own/control more than 5% of the company/voting rights Taxed at Deferred Taxing Point, which is the earliest of: Disposal restrictions are lifted Cease employment 7

8 Employee Share Plan 8 Paying off the mortgage versus Share Plan Cash SEK Shares Gross Salary $5,000 $5,000 Less Tax (38.5%) $1,925 - Net Salary $3,075 - Interest Saved (7%) 3 years $646 - Total Proceeds $3,721 - Shares Acquired $6.67 Sale Proceeds $7.30) $5,472 Less Tax (38.5%) $2,107 Net Proceeds $3,365 Plus Dividends (ex Franking Credits) $356 Total Proceeds $3,721 The breakeven is a share price of about $7.30 in 3 years time. In rough terms, this is a rate of return of 3.14% plus a dividend yield of 2.37%

9 9 Salary Packaging

10 Salary Packaging Mobile Phone, Laptop or IPad Predominantly used for business 10 1 per Fringe Benefits Tax (FBT) year (1/4 to 31/3) It will save you some tax The benefit is not reportable on your payment summary so can help with minimising/maximising the following: Qualifying for the Employee Share Plan $1,000 Discount Medicare Levy Surcharge Income Support Payments Family Tax Benefit Government Parental Leave Scheme Child maintenance

11 Salary Packaging Mobile Phone, Laptop or IPad Here is how much tax it can save you: 11 No Packaging With Packaging Gross Salary 75,000 75,000 Less IPad - 1,013 New Gross Salary 75,000 73,987 Less Tax and Medicare 17,047 16,703 Net Salary 57,953 57,284 Less IPad 1,013 - Net Take Home Pay 56,940 57,284 Net Benefit $344 * We have assumed you have gone with the full bells and whistles on your IPad (including leather cover and dock).

12 Salary Packaging Mobile Phone, Laptop or IPad Benefits at the various tax brackets (for 2012/2013) Tax Bracket Savings 0 - $6,000 $0 $6,001 - $37,000 $208 $37,001 - $80,000 $344 $80,001 - $180,000 $390 Over $180,000 $471 12

13 Novated Leasing Salary Packaging 13 Do you really need a new/newer car? Is your car becoming costly to run? Can you afford the reduction in cashflow? How much should I spend on a car? What car does your ego let you drive? Luxury Car Tax limit - $57,466 Can you afford what your ego is telling you? How much is business travel? Are you better off running a logbook and claiming business use at tax time?

14 Novated Leasing Salary Packaging A 3 way agreement Employee, Employer and Financier Lease repayments and running costs are deducted from employee s salary Lease length and Residual Values Generally no more than 5 years Residuals based on ATO guidelines Running costs include: Petrol Registration Insurance Service/Maintenance A more tax effective way of funding the purchase of a car 14

15 Novated Leasing Salary Packaging What about Fringe Benefits Tax? It s an employer tax charged at 46.5% Based on Taxable Value of the car which is determined by an estimate of the number of kilometres travelled Employee Contribution Method Eliminate the Fringe Benefits Tax By making an after tax contribution towards the running costs of the car equal to the taxable value Novated Lease is not reportable on your Payment Summary At the end of the lease Pay off the residual keep or sell it Extend the lease Hand the car over to the financier. 15

16 Salary Packaging Novated Leasing Assumptions * GST on the employee contribution is $727.27, $ and $1, Scenario 1 Scenario 2 Scenario 3 Annual Salary $60,000 $120,000 $190,000 Car Cost $40,000 $50,000 $57,000 Kilometres Travelled 15,000 (20%) 15,000 (20%) 25,000 (17%) Employee Contribution* $8,000 $10,000 $11,400 Running Costs Lease $10,500 $13,100 $14,900 Petrol $2,150 $2,150 $2,150 Registration $700 $700 $700 Insurance $800 $1,000 $1,200 Service/Maintenance $600 $700 $800

17 Salary Packaging Novated Leasing In practice (per month) Annual Salary of $60, No Packaging With Packaging Gross Salary $5,000 $5,000 Less Novated Lease* New Gross Salary $5,000 $4,377 Less Tax & Medicare $996 $784 Net Salary $4,004 $3,593 Less Running Costs (ex lease) 354 Less Employee Contribution - $667 Take home pay $3,650 $2,926 Cashflow Reduction (f/n) $724 Tax Benefit (pa) $1,817 * Includes the GST on the employee contribution.

18 Salary Packaging Novated Leasing In practice (per month) Annual Salary of $120, No Packaging With Packaging Gross Salary $10,000 $10,000 Less Novated Lease* New Gross Salary $10,000 $9,287 Less Tax & Medicare $2,846 $2,571 Net Salary $7,154 $6,716 Less Running Costs (ex lease) $379 Less Employee Contribution - $833 Take home pay $6,775 $5,883 Cashflow Reduction (f/n) $892 Tax Benefit (pa) $2,391 * Includes the GST on the employee contribution.

19 Salary Packaging Novated Leasing In practice (per month) Annual Salary of $190, No Packaging With Packaging Gross Salary $15,833 $15,833 Less Novated Lease* - 1,041 New Gross Salary $15,833 $14,792 Less Tax & Medicare $5,158 $4,691 Net Salary $10,675 $10,101 Less Running Costs (ex lease) $533 - Less Employee Contribution - $807 Take home pay $10,142 $9,294 Cashflow Reduction (f/n) $848 Tax Benefit (pa) $4,568 * Includes the GST on the employee contribution.

20 20 Taxation

21 Income Salary Taxation Employee Shares Plan Upfront taxation Cash Bonuses Interest/Dividends Rent from investment property Capital Gains Sale of shares, managed funds or property Distributions from family trusts Is this now impacting on other benefits i.e. Family Assistance 21

22 Deductions Taxation Employee Share Plan Upfront $1,000 discount Work related expenses Work related travel Planes, trains and automobiles Not to and from home Home Office Can cause an issue for capital gains tax Rental property expenses Investment loan interest Prepay an option? Accounting and ongoing financial planning advice fees Income Protection Premiums Policy owned personally 22

23 Capital Gains Tax (CGT) Home is Exempt Taxation Unless a portion is claimed as home office, in which case, that portion is subject to CGT Keep records of expenditure related to the asset May help reduce the capital gain on sale Capital Gains are taxable in the year they are incurred Contract date not the settlement date Capital losses from prior years can be used in future years indefinitely. Net capital gain is added to other income and taxed at your marginal tax rate. 23

24 Tips Taxation 24 Novated leases using employee contribution method - no need to include in your tax return The log book method for claiming car expenses may be more beneficial subject to the business kilometres travelled. A 3 month logbook will cover you for 5 years. Lodgement due by: Self Assessment 31 October Accountant/Tax Agent 5 June (inc payment)

25 25 Family Assistance

26 Family Tax Benefit Part A Family Assistance 26 Full Rate - $ per f/n (per child under 13) Base Rate - $52.64 per f/n (per child under 18) Plus a supplement of $ per child paid at tax time Subject to family income levels, age of children and no. of children Full Rate - < $46,355 (20 cent reduction to $60,955) Base Rate 1 child - $94,316 (30 cent reduction to $101,312) 2 children - $98,111 (30 cent reduction to $112,104) Claim when you do your tax return or as an regular payment May be impacted by Government Parental Leave

27 Family Tax Benefit Part B Family Assistance 27 Full Rate - $140 per f/n (youngest child under 5) Subject to family income levels and children ages Primary income - <$150,000 Secondary Income < $4,891 (20 cent reduction to $24,912) Claim when you do your tax return or as an regular payment Not eligible whilst claiming Government Parental Leave Baby Bonus Primary carer income limit <$75,000 for 6 months from date of birth A tax free payment of $5,000 (Currently $5,437)

28 Family Assistance Parental Leave Government Instead of baby bonus 28 Primary Carer Income < $150,000 (previous financial year) $ per week for 18 weeks A total payment of $10,609 (taxable) Meet a work test 10 of 13 month prior to birth hours in the 10 months May impact other family assistance payments i.e. Family Tax Benefit Part A and B

29 Family Assistance Parental Leave Government Baby Bonus 29 Parental Leave MTR* N/A 20.5% 34% 38.5% 46.5% Gross Payment $5,000 $10,609 $10,609 $10,609 $10,609 Less tax - $2,175 $3,607 $4,084 $4,933 Net Payment $5,000 $8,434 $7,002 $6,525 $5,676 * Marginal Tax Rate (includes 1.5% Medicare levy). It s important also to note Parental leave payment may impact any other family assistance such as Family Tax Benefit Part A & B

30 30 Wealth Creation

31 Wealth Creation Ways to create wealth Consolidate debt Pay off non-deductible debt ASAP Increase regular repayments 31 Deposit lump sums (i.e. tax refunds, lotto winnings, gifts from nanna, etc) Streamline accounts Don t have multiple accounts with small amounts Look for an account with no or low fees Maximise tax deductions where possible Don t create an expense just to get a tax deduction but if you have an expense try to do it in a tax deductible manner

32 Ways to create wealth Regular Savings Plans Wealth Creation 32 Short term savings Cash or term deposits Long term savings Managed funds or share portfolio Borrowing to invest Property or shares Property illiquid but tax effective and cashflow friendly Shares liquid and flexible, tax effective, requires greater cashflow Horses for courses which one provides the greater comfort? Make maximum superannuation contributions More appropriate for when approaching retirement, say over age 45

33 Debt Priority Wealth Creation Consolidate into the cheapest debt available 33 Expensive debt i.e. credit card, personal loans or store finance Home loans Investment loans Consolidate expensive debt Credit cards, personal loans, store finance/cards 7% is better than 12% or 22%

34 Wealth Creation Why should I consolidate my debt? 34 Current Proposed Amount Interest Amount Interest Savings Credit Card (18%) $5,000 $900 Personal Loan (12%) $15,000 $1,800 Total $20,000 $2,700 Alternatives Personal Loan (12%) $20,000 $2,400 $300 Line of Credit (7%) $20,000 $1,400 $1,300

35 Wealth Creation 35 Non-Deductible vs Deductible Debt Home/personal loans versus investment loans Interest can only be claimed when the debt is used to invest in an income producing asset. Why should I pay my home/personal loan off first? Assume a 7% interest rate on $100,000 loan Non Deductible Deductible Tax Rate N/A 20.5% 34% 38.5% 46.5% Gross Interest $7,000 $7,000 $7,000 $7,000 $7,000 Less tax saving - $1,435 $2,380 $2,695 $3,255 Net Interest $7,000 $5,565 $4,620 $4,305 $3,745 Note: Marginal tax rates include 1.5% Medicare levy.

36 36 Insurance

37 Income Protection Insurance Monthly income paid in the event of disability or injury Unable to earn income Payment commence following a waiting period 37 30, 60, 90 days or up to 2 years Can continue paying to age 65 Maximum benefit - Can be up to 75% of salary (at the time of application or at the time of claim) You can choose the amount of cover, the waiting period and the benefit period. Always ensure you understand the definitions of disability and income Premiums are tax deductible

38 Trauma Insurance Lump Sum paid in the event of critical illness Life & Total and Permanent Disablement (TPD) 38 Lump sum paid in the event of death or total and permanent disablement Life and TPD can be owned via superannuation TPD also important to not the definition of total and permanent disablement. Is it based on your Own occupation or Any Occupation Own occupation may cause an issue if owned through superannuation

39 Insurance Why do I need insurance? To avoid a financial burden on your family or immediate family To avoid dwindling your savings to cover time off work To provide your family with peace of mind To cover: medical costs (not covered by health insurance) 39 modifications to the family home loss of income If you suffer a severe injury/condition would you want the best medical treatment?

40 Insurance Why do I need insurance? 40 The current standard mortgage is $347,505, while the current standard life cover is $176,580 2 in 5 Australians will suffer a critical illness by age 65 1 in 3 Men and 1 in 4 women will be diagnosed with cancer by age 75 Only 6% of employees have income protection 1 in 6 men and 1 in 4 women will suffer a disability during their working life that results in taking more than six months off work For every 1 home lost to fire, 4 homes are lost due to death and 48 homes are lost to disability * Research provided by CommInsure and BT.

41 Insurance How much and what type of cover do I need? Depends on personal circumstances Marital status Debt levels Stage of life Ongoing financial commitments Disposable Assets Family situation Young children Single income When should I get the insurance? While you are fit and healthy! 41

42 Insurance I really can t afford to pay for insurance Life, TPD and Income Protection can be owned in your superannuation fund 42 Income Protection owned personally is tax deductible against your other income How much risk are you prepared to take in exchange for your cashflow and lifestyle?

43 43 Superannuation

44 What is Superannuation? It s a trust not an investment Superannuation 44 The investments you choose within the superannuation trust will determine how it performs Spend a little time in choosing the right investment option for you. It will make a world of difference. Consolidate your accounts 1 st step Find an account that suits you If you want advice speak to an adviser If you want to DIY find a low cost option i.e. industry fund 2 nd step Rollover all your odd accounts into the new account If this is too boring, tedious, convoluted, etc let us help you

45 Asset Allocation Superannuation What type of investor are you? You can t (or can) handle the risk! Always invest based on your level of comfort Remember - you have a long term investment time-frame Defensive (%) 45 Growth (%) Negative returns (Yrs) Expected Long Term Return (%) Conservative in Mod. Conserve in Balanced in Growth in High Growth in 3 9

46 Superannuation 46 When should I start contributing more? As you are approaching closer to retirement Although the May 2012 Federal Budget proposals are now forcing you to start earlier Super has restrictions on access It is the most tax effective structure to own assets and provide an income stream in retirement

47 47 Estate Planning

48 Power of Attorney Estate Planning Get in place before mental or physical capacity is lost Enduring Medical, Financial and Guardian Wills Nominate executors, guardians and beneficiaries Fair Distribution (minimise the risk of challenge) Testamentary Trust Superannuation Binding Death Benefit Nomination Tells your super fund who your money should go to when you die Non dependants pay 16.5% tax on your super proceeds 48

49 49 In Summary

50 Key Take Outs In Summary 50 A number of issues to consider Early planning will provide considerable savings now and in the future Action Think about what you would like to achieve in the next 5, 10, 15 or 20 years. Is there a plan in place? Make time to review your financial situation

51 In Summary Please complete the Feedback form 51 Contact Us Thank you Questions & Open Forum

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