Second Mortgage

A second mortgage is a type of loan that essentially uses your home equity as collateral. This provides you with funds required for other assets or purposes, but without having to sell or forfeit your home.

A second mortgage also makes your home less attractive to creditors in the case of bankruptcy or liquidation, helping to protect it. You can receive a second mortgage either as a lump sum or a line of credit.

The main benefit of this compared to transferring your property to a trust is that you can still claim capital gains tax and land tax exemptions, and you will not have to pay stamp duty again.

To properly protect your family home in this way, you should set up a family trust, or you may be able to use an existing family trust. This trust can be used to essentially take out the second mortgage on your property. You must first gift money into this trust and then have the trust lend the money back out to you as a loan. This loan must then be secured using a second mortgage on your home.

Make sure you receive professional advice from a financial advisor and property lawyer to help you through this process.

Financial Planning

Your finances are not just related to those of your business, but also to your personal wealth and assets. As well as supporting the growth of your business, we can also assist you when it comes to wealth creation and protecting your assets.

Our financial planning skills and resources can support you in these areas. Financial planning considers a variety of factors to create a strategy tailored to your financial situation. These factors include:

  • Age
  • Lifestyle
  • Risk profile
  • Investment experience
  • Investment time horizon

There are greater levels of choice and complexity in the investment market than there used to be. This makes it more important than ever to receive quality financial advice and planning when deciding where to invest your wealth. We can provide expert finan- cial planning services to help you get a handle of your finances. Remember, you reap later what you sow today.

Investing in Property

Interested in investing in a property or other assets? With the right support and expert advise, you can make more well-informed investment decisions.

Complete and accurate record keeping is an important part of owning an investment property. We can support you with this in order to reduce the costs of preparing your tax returns. We would also recommend a software called Buildium to help you keep all the relevant records in one place. This will not only save you time but also a lot of frustration.

We’re not just about business growth; we’re also here to help our clients build their personal wealth through strategies like property investment and negative gearing. If this is something you’re interested in, then get in contact for a free consultation.

Debt Management

We can advise you on the best ways to manage and structure your debt in order to offset your taxes and reduce interest payments, creating “good debt”.

We will first meet with you to understand your financial situation, your investment portfolio, any debt you currently have, and your financial and investment goals for the future. Based on all this, we can come up with a debt management solution tailored specifically to you.

We draw on years of experience with debt management to help you reach a more profitable position. We can also implement and manage your plan to help you reach your goals now and in the future.

Here are just some of the ways we can help you manage and consolidate your debt:

  • Implementing debt reduction strategies to improve your net wealth
  • Reducing your tax payable by restructuring your debt
  • Working with lenders to qualify your borrowing capacity
  • Managing changes to your income and interest rates
  • Identifying the best debt products to reduce your fees and interest

Companies & Trusts

Choosing your business structure is an important decision for new businesses. What suits your business idea and needs now might not be right 5 or 10 years from now.

This is why we always recommend keeping the future in mind when deciding which business structure is right for you. If you end up needing to change your business structure in the future, doing so could be costly, so think about where you want to be when deciding what to do now. When advising you on which structure to choose, we consider factors such as:

  • The risk profile of your industry
  • Asset protection
  • Future entitlement to discount capital gains tax concessions
  • The admission of future business partners or investors
  • Compliance with industry legal requirements
  • Income tax minimisation

Self Managed Super Fund

Here at Tax Town, we’re not just about growing your wealth now, but also in the future. Self-managed super funds are becoming an increasingly popular way to save for retirement.

A self-managed superannuation fund, or SMSF, is a private super fund rather than one that is professionally managed. An SMSF can have between 1-4 members or trustees associated with it. As trustees of an SMSF, you are responsible for managing it and keeping up with all the regulations set out by the Australian Tax Office (ATO). The members of a self-managed super fund are often family members.

Setting up a self-managed super fund could be the sensible thing to do with your money, but it’s still important to make sure you understand the obligations and responsibilities involved in managing one. We can support you in making the right decision and both the establishment and administration of your super fund.

Investment Advice

Making an investment is a big decision, so it deserves sufficient time, planning, and in-depth research to make sure that your decision is the right one.

There are lots of different assets you can invest in, such as investment properties, bonds, shares, managed funds, and more. Soliciting professional investment advice will help to give you and your investment the best possible chance of making long-term, sustainable profits and growth.

Building an investment portfolio is a great way to build your personal wealth, and we want to make sure you do this the right way. Having a solid understanding of both your investment goals and the financial markets will help you to make informed decisions that will support your future wealth.

With our financial knowledge and experience, we can help guide you through your options to help you make the best possible decisions. We can support you in a number of ways, including:

  • Assessing risk profiles
  • Selecting a management platform
  • Selecting managers
  • Helping you balance different investment styles
  • Guiding you through various classes of assets

Asset Protection

This practice ensures that your wealth continues to grow while remaining safe and secure.

Think of asset protection as a kind of insurance. You wouldn’t drive your car on the road without insuring it first. This isn’t because you think you’re going to get into an accident, but just to make sure you’re covered in case you do. If you’re not covered, then any unexpected accidents can become extremely costly.

The same goes for your wealth. You hope that nothing bad will ever happen that threatens your assets, but you still need to make sure you’re covered against this possibility. And, just like car insurance, you can’t wait until after an incident happens to protect your wealth. You have to act now while you’re financially stable and healthy to help ensure that you stay that way in the future.

If you need support or advice on how to protect your wealth and assets, then contact Tax Town to book a free consultation with our advisors. We can provide you with practical advice tailored to your specific circumstances in this free, no-obligation meeting.

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