Commissions and Clients

Minister Bill Shorten is adamant that he will ban commissions within Super, after a recent lunch that we attended too, with the Minister as the main Speaker.

Possibilities of living off super?

I have many clients in various super funds that are on incomes of less than $70K, mostly ones that their employers are choosing. I have to say they have never received quality advice in the past, because their super is now at a standstill point and  is not growing with the rate of inflation. As an employee you may be getting a contribution of 15% but if the returns from your super fund are negative that 15% is eroded.

Ask yourself if it will be possible for you to retire off $130k for life?

Using Financial Advice!

We urge people who have never used a Financial Planner who are over or close to 50 years of age to contact us, to assist in a strategy that will help you develop a plan to retire on amounts that supersede the capped super plan the government knows you will retire on. See it’s all planned, you were never meant to retire on any more than what you are worth, and it’s maybe a philosophy the government adopts.

If you are under 50 it is wise  to  get a plan in place now –  before you know it you will turn 50 years of age and if you don’t plan now you too will retire on the set amount the government has in place for you.

What are you doing now, to change tomorrow?

If you have a question about your superannuation, or would like to speak to a Financial Adviser, call Australia Wide Tax Solutions in Leichhardt, Sydney on +61 (2) 8571 7300 or contact us.

Commissions in Superannuation

The government may soon place a stop on commissions within Super. I’m left wondering if the Government thought this through properly. What happens when all the financial advisers go out of business? Who will feed them, the taxpayer?

A few weeks ago I attended the World Congress of Accountants in Malaysia. For most readers attending such an event will seem about as interesting as watching paint dry, but you’d be surprised what I learned!

One key topic was ‘Fight Corruption and Money Laundering – The ongoing battle for accountants’. A variety of speakers from different countries gave their perspective.

Money laundering quite simply means turning dirty money into clean money, or rather funneling money from criminal activities through legitimate financial institutions, it’s an increasing problem for accountants all over the world.

Many countries (including the UK) already require accountants in practice to:

• Identify their clients, including “Politically Exposed Persons”.
• Have systems to recognise and report money-laundering suspicions, including the laundering of the proceeds of bribery.

The speakers announced a number of possible strategies to combat money-laundering including:

• Political reforms – the government producing more legislation to deter would be money launderers.
• Economic policy – marketing regulation in the financial sector.
• Raising public awareness – through media, and local councils.
• Institution reform – strengthening the powers of revenue and auditing authorities.

One particular accountant from Nigeria stood and said
“If we blow the whistle on these people, what will happen to our jobs, as a nation that job prosperity is very limited is it wise for us to be doing this, how will it help us feed our families?” Scary stuff.

So is being a whistle blower a good thing?

I’ve learned from personal experience that being a whistle blower is hard. I’ve lost jobs at four different accounting offices because I spoke out about fraud and false reporting. But even so I’d always speak out against money laundering and corruption.

Would you? Are you prepared to lose everything?

Emmanuel Sarris
Financial Planner

For more information on our Tax, Super, Financial Planning, Accounting and Bookkeeping services in Leichhardt Sydney, please contact us.

Welcome to our new look website.

AWTS is proud to launch it’s new website. A streamlined, professional, modern look to match our streamline, professional, modern business!

Based in Leichhardt, Sydney we service clients from across the suburbs and the CBD, helping individuals and small business manage their finances.

For those of you new to AWTS our range of services include:

• Tax accounting.
• Business services
• Coaching.
• Financial planning.
• Tax advice and planning.

And much much more!
If you’d like to speak to us about your tax or super please call us or contact us.
Feel free to explore the site and tell us what you think, your opinion matters!