Financial Planning

Westlawn Financial Planners can offer you a friendly locally based service tailored to all your financial planning needs. Our financial advisers are specially qualified in all aspects of financial planning.

Employee Super

Whether you are an employer and require information about superannuation for your business or you are an employee and you want to look at your options regarding superannuation, Westlawn Financial Planning can help you. Super can be a complicated and confusing investment vehicle and it requires the time and knowledge of a qualified planner.

The recent "Choice of Fund" developments you may have heard about present some difficult decisions to both employers and employees alike. Don’t risk your financial independence in retirement or that of your employees, see a Westlawn Financial Planner for all your superannuation and retirement planning requirements.

Self Managed Superannuation Funds

Self Managed Superannuation Funds ("SMSFs") are a very popular superannuation structure being utilised by approximately 300,000 individuals, families and small businesses. They currently account for over 20% of all assets held in the Australian superannuation system. These small superannuation funds are referred to by a variety of different names including "DIY" funds (do it yourself), "Family" funds, "Mum and Dad" funds and of course "SMSFs".

SMSFs perform the same role as other funds, by investing contributions and making them available to members on retirement. The main difference is that the members of a SMSF are also the trustees of the fund. They control the investment of their contributions and the payment of their own benefits.

As individuals’ superannuation assets have grown, many people have sought to gain greater control over the day-to-day management of their superannuation. Hence, the rise in popularity of the SMSF. A SMSF is a superannuation fund that has a number of unique characteristics. Some of these include:

• A SMSF can have no more than 4 members – hence their popularity with families;
  
  
• No member of the fund is an employee of another member of the fund, unless they are related,
  
  
• Each member of the fund must be a trustee of the fund, and each trustee must be a member. Where a company is appointed to act as the trustee of a SMSF, each member of the fund must be a director of the trustee company, and each director must be a member;
  
  
• No trustee of the fund receives any remuneration for their services as trustee,
  
  
• SMSFs are regulated by the Australian Taxation Office (ATO) whereas other types of superannuation funds are regulated by the Australian Prudential Regulatory Authority.
  

Whilst the trustees of a SMSF must act in accordance with the general laws governing all superannuation funds, a number of concessions apply including the ability of a SMSF to acquire certain assets (particularly listed securities and business real property) directly from members of the fund.

SMSFs offer some very real benefits to members but, at the same time, carry responsibilities and obligations. A SMSF accredited Westlawn Financial Planner can assist people interested in taking greater control over their superannuation in determining the suitability of a SMSF for their particular circumstances.

Estate Planning

Most people prefer not to think about what happens when they die and put off planning for this situation. It is a very important issue to think about early and is an essential part of the financial planning process. Estate planning is determining how your assets will be divided on your death to ensure they are distributed efficiently and according to your wishes. Proper estate planning can reduce worry for your spouse and/or beneficiaries. All sorts of problems can occur if you have not planned your affairs properly.

It does not matter how small your personal wealth is, you should still ensure you have a current Will and plan your affairs. Appropriate estate planning can allow you to pass on your assets to your beneficiaries in a tax effective way and can minimise the effect of capital gains tax. As part of the process you should also check your superannuation funds and life insurance policies to see who you have nominated as your beneficiary and seek to make changes if necessary and possible.

Property and investments which are held as "joint tenants" cannot be distributed through your Will. Ownership passes automatically to the surviving owner. If owned as "tenants in common" your share in the property is distributed through your Will. You can buy a do-it- yourself kit and prepare your own Will. This may be cheaper but care is essential to ensure your Will is legally enforceable. The executor is responsible for carrying out your wishes after you die according to the instructions. You should choose someone you trust, who is responsible and willing to accept the responsibility. This person must be named as executor in your Will. You may appoint more than one person.