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McKenna Collins can help you simplify your financial life and build and protect your wealth over the long term in many ways, including:


Seeking financial freedom

Sorting out our finances is something we all need to do at some stage. You don't need a large inheritance or an intricate knowledge of financial markets. Whether you're just starting out or you're trying to get ahead, you just need to know how to make the most of the money you've got and exercise a little discipline.

Some questions you may wish to consider include:

• Where does my money go?
• How do I make the most of my money?
• Are there ways to save money on my debts?
• How do I become a good saver?
• What should I do about my super?
• Do I need to protect my income through insurance?
• How do I pay off my home loan sooner?

When you decide to sort out your finances, your first steps are to:

1. Work out how much money is coming in and going out.
2. Identify how you can manage your money more effectively without compromising your lifestyle.
3. Have a plan where you are able to save more.

How we can help:

• Review and analyse your current spending patterns.
• Review your financial commitments and debts.
• Identify your opportunities to save money.
• Construct a budget with you.
• Review, recommend and organise appropriate insurance

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Getting your super sorted

Retirement may seem like a long way off but putting money into super now is still a tax effective way to invest your money. That's because some types of contributions you make, and the investment earnings on those contributions, are taxed at concessional rates. Not only is super a tax effective way of saving and investing, but you can benefit from the effects of compounding returns.

Some questions you may wish to consider include:

• When should I start contributing?
• Should I salary sacrifice?
• Are there benefits if I contribute for my spouse?
• Are there benefits in consolidating my super funds?
• How can I check whether I have any lost super?
• When should I think about topping up my superannuation?
• Can I take advantage of the Government's co-contributions?

How we can help:

• Review the performance of your current super fund in relation to your goals including how close you are to retirement.
• Make recommendations about your super arrangements, based on your goals and circumstances.
• Recommend alternative fund providers - superannuation products.
• Review any insurance opportunities including buying insurance through your superannuation fund.

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Super choice

Many Australians are now free to choose their own superannuation funds instead of automatically becoming members of their employer fund. This is known as super choice, or choice of fund.
But what does it really mean for you and what difference does it make?

Some questions you may wish to consider include:

• What is a choice of fund?
• Am I eligible to choose my super fund?
• If I am eligible for Choice, what do I do?
• If I am eligible for Choice, what should I expect from my employer?
• What's in the Standard Choice Form?
• What funds are eligible Choice Funds?
• What is a 'default' fund?
• What happens if my employer doesn't make contributions to the fund I choose?
• What are my opportunities if I am eligible for Choice?
• What happens if I don't make a choice or make an invalid choice?
• When will my employer start making payments into my Choice Fund?
• Can my employer reject my choice of super fund?
• How often can I switch to another super fund?

How we can help

• Advise if choice of superannuation fund laws affect you.
• Review the performance of your current superannuation provider in relation to your goals including how close you are to retirement.
• Make recommendations about your super arrangements, based on your goals and circumstances.
• Recommend alternative fund providers - superannuation products.
• Review any insurance opportunities including buying insurance through your superannuation fund.

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Personal Insurance


Most Australians take out insurance protection for their homes, cars and valuables. However they often overlook their greatest asset – themselves. If you consider the value of your salary or cash flow until retirement for example, it will often exceed the value of all your possessions combined. Many Australians don't have enough protection from the financial instability caused by death, injury or serious illness.

Some questions you may wish to consider include:


• What happens financially if I am unable to work due to sickness or injury?
• What happens financially if I were pass away unexpectedly?
• How should I protect my family financially if I were to get sick?
• What is my financial Plan B?

How we can help:

• Work out what would happen financially if you were to get sick.
• Explain the various ways to protect yourself and your family.
• Calculate the amounts of insurance you may need.
• Determine the most appropriate insurance product for your needs.
• Assist you through the underwriting process.

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Buying your first home

According to research from the Reserve Bank in its 2004 annual report, Australia enjoys one of the greatest home ownership rates in the world. But in a time of high house prices how do you make this great Aussie dream a reality?

Some questions you may wish to consider include:

• Am I better off renting than buying?
• I really want my own place. How much do I need?
• How much can I borrow?
• How much deposit will I need?
• What additional costs will I be up for when I buy a place of my own?
• I've heard that there are concessions for first homebuyers?
• I've done all the numbers and even with the concessions, I still don't have enough. How do I get my deposit together?
• What should I do with my money while I try to accumulate a bigger deposit?
• What types of loans are available?
• What should I look for in a loan?
• How do I find the right mortgage for me?

How we can help:

• Work out how much you can borrow based on current financial commitments.
• Calculate the deposit you are likely to need.
• Identify options to save for a deposit in the timeframe you set.
• Set a budget to cover your mortgage commitments when you have purchased your property.
• Review, recommend and organise appropriate insurances.
• Recommend if you need to create or review your Will.

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Managing your debt

Debt is not a dirty word! It can actually help you - if it's the right kind of debt. On one hand, there is good debt where you borrow to invest and your investment grows in value or earns money. Good debt actually works for you. On the other hand there is bad debt where you borrow for a car, boat or use a credit card to buy items that depreciate in value and don't earn you any money. You lose twice here - the capital value and the interest you've paid.

That's why before you start accumulating assets, it's important to check what you owe - how much, in what form and at what interest rate. Then you can see whether you can arrange your debt more efficiently.

How we can help:

• Review and analyse your current spending patterns.
• Review your financial commitments and debts.
• Identify your opportunities to save money.
• Construct a budget with you.
• Help you consolidate your debt effectively.
• Recommend savings or investment products to achieve your goals.
• Review, recommend and arrange appropriate insurance.
• Look at ways of turning bad debt into good debt

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Buying an investment property

For many, once the family home is paid off - or a reasonable amount of it - they start to look at other ways of building wealth. Often their first thought is an investment property.

Some questions you may wish to consider include:

• Is it better to put all my spare money into paying off my mortgage or should I consider other investments?
• Am I better to invest my extra money in property or shares?
• Are there tax advantages to owning an investment property?
• Do I have to pay tax on an investment property?
• Are there other ways I can invest in property, apart from directly buying a property myself?
• Am I better off investing directly in property or managed funds?

How we can help:

• Identify options to fund an investment property.
• Look at realistic amounts you can borrow based on your current financial commitments and plans.
• Set a budget to cover your mortgage commitments.
• Advise on strategies to minimise tax.
• Review, recommend and organise appropriate insurance.
• Recommend if you need to create or review your Will.

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Getting married

Getting married is an exciting time in life but it can also be a time of significant financial change and stress. First there is the cost of the wedding itself - and the budget you'll have to tie yourself to so you can have exactly the wedding you want. Then, when the honeymoon is over, there's the life ahead with all the financial decisions you'll make together as a newly married couple.

Some questions you may wish to consider include:

• How do we set a budget for our dream wedding?
• What are the joint financial decisions we should be thinking about now we are getting married?
• What if we have different views on how to manage money? One of us is a spender, the other thriftier?
• Do we need a Will when we are married?
• Do we need insurance?
• What types of insurance are there?
• I am remarrying. Are there any special financial considerations?
• What is a prenuptial agreement?
• Are there any tax minimisation strategies for married couples?

How we can help

As you prepare to get married, you may need to review your finances and make financial decisions as a couple. Things to consider are your financial situation, needs, goals and objectives, as well as your insurance, investments and Wills.

• Review and help you set goals and timeframes.
• Review and analyse your joint income and spending patterns.
• Review financial commitments and debts.
• Review your individual and joint investments.
• Identify opportunities to save money.
• Recommend savings or investment products to achieve your goals.
• Review, recommend and arrange appropriate insurance.
• Identify if you need to talk to a solicitor about a new Will.

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Becoming a parent - the first years

You often hear new parents say that having a baby is an amazing, life changing experience. Nothing is ever the same again! At a time when every aspect of your life is changing, the last thing you want to think about is money. But while there may not be ways to reduce the financial commitments, there are things you can do to plan and manage them more effectively.

Some questions you may wish to consider include:

• What happens to my job while I'm on parental leave?
• Can I afford to be off work for a year?
• Will we be entitled to any government benefits?
• What is the Baby Bonus tax refund?
• How much do I need to earn to make going back to work worthwhile?
• What happens to my super while I'm on parental leave?
• My insurance premiums are paid through my superannuation. What happens to my insurance cover while I'm on parental leave?
• Do I need a Will?

How we can help:

When you are planning a family you may want to consider the financial costs and consequences. Things to think about are how much you'll need to live and whether you need a savings strategy.

• Develop a plan for your goals and your timeframe.
• Set a budget prior to having a family or if you're off work with a family.
• Develop an investment strategy to accumulate money for long term goals like private education.
• Review, recommend and arrange appropriate insurances.
• Recommend superannuation strategies to help you continue saving for retirement and minimise the total tax you are paying right now.
• Recommend if you need a Will or need to review your Will.
• Advise you when you need to see an accountant or solicitor.

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Educating the kids

A good education is one of the best starts you can give your child, but although it doesn't have to, it can cost a lot of money. A little research and planning now could save you some financial worries in the long run. The earlier you start to save the better.

Some questions you may wish to consider include:

• How much will my children's education cost?
• How do I invest for my children's education?
• When should I start investing for my child's education?
• What types of savings plans are available?
• Should I put investments in my child's name?
• My child starts secondary school next year. Is it too late to start saving?

How we can help:

It is a fact that children become more expensive as they get older. At the same time you might alter your work arrangements and your income could change. You'll need to make a plan for this. You may need to protect your family with insurance and a comprehensive Will.

• Develop a plan based on your goals, situation and timeframe (eg how much it is likely to cost to educate your child or upgrade your house).
• Set an investment and budget management strategy to accumulate money for your goals.
• Review, recommend and organise appropriate insurance.
• Recommend superannuation strategies to ensure you're still saving for retirement and minimise the total tax you are paying right now.
• Recommend if you need a Will or need to review your Will with a solicitor.

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Managing your own super (SMSF)

Managing your own super fund (sometimes called 'DIY' or 'self-managed super'), may be suitable if you:

• are financially sophisticated
• have the time to manage your funds to ensure it generates an effective investment return
• are confident about choosing appropriate assets for your investments
• have enough assets to make it financially viable.
For most people, their superannuation or retirement benefit is their second largest asset outside their family home. That makes managing your retirement funds a serious business and it's not for everyone.

Things to consider:

If you are considering moving from an employer superannuation fund to DIY, you should be aware that:
• Any life and disability cover you currently have may come to an end. If you wish to continue your insurance cover, personal insurance rates may be more expensive than the rates a large superannuation fund can negotiate and may require medical checks.
• There are extensive rules and regulations that you must comply with, including executing your own trust deed.

How we can help:

• Help you to evaluate whether self-managed super is the best option for you.
• Arrange for the fund to be set up, including the establishment of the Trust Deed, auditing and accounting services.
• Provide you with investment and estate planning advice.
• Arrange for the ongoing administration and compliance of your fund.

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Retirement still more than 10 years away

Retirement can seem irrelevant when you're in your 30s or 40s. There are so many other things to do with your money - going overseas, getting a house, raising a family, or just having fun.
However, according to research by the Investment and Financial Services Association (IFSA), the Age Pension won't be nearly enough to fund the lifestyle we'd like when we're no longer working. So the best thing to do is to start saving now.

Some questions you may wish to consider:

• How much do I need to retire on?
• What is the best way of funding my retirement?
• Is retirement too far off to start worrying now?
• What should my employer be contributing towards my superannuation?
• Is the Super Guarantee contribution enough to fund my retirement?
• What is salary sacrifice?
• Why are women recommended to make higher extra super contributions than men?
• How do I know which fund to put my superannuation in?
• My super is sitting in a few different funds. Is it worth moving it?

How we can help:

• Review your financial situation.
• Help set short and long term financial goals.
• Look at how much money you will need in retirement based on the lifestyle you outline.
• Identify your income and commitments.
• Work with you to develop a new budget and investment plan to achieve your short-term goals and recommend strategies to accumulate the amount you need to meet your retirement plans.
• Review and recommend appropriate insurance.
• Recommend if you need to create or update a will.

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Taking a redundancy

Where there were once jobs for life, it's now a fact that the average person will face redundancy 3 times during their career. Along with looking for a new job or perhaps starting your own business or deciding to retire early, what do you do with the lump sum payout you receive?

Some questions you may wish to consider include:

• What are the elements of my redundancy payment?
• What is considered an ETP?
• What tax concession do you receive on your ETP?
• How is the ETP paid?
• How do I make sure I get the most out of my payment?
• What do I do with my super?
• I've decided I want to roll over my ETP. What do I do?
• Am I entitled to Centrelink benefits?
• What if I want to use redundancy as an opportunity to retire early?
• Do I need to review my insurance arrangements?

How we can help:

• Review your payout calculation.
• Identify the tax concession components and the tax-free or tax reduced amounts - the Eligible Termination Payment components. Review your goals and identify options for how to use the money.
• Calculate how much you can rollover into superannuation to minimise the total tax you pay.
• Review any insurance you have through superannuation and advise if you can continue insurance cover even though you've left the fund.
• Review any new insurance requirements that are necessary.
• Estimate how long you can live on your payout based on current expenditure and plans.
• Establish a budget to live on your payout and any other income.
• Develop options to achieve a life change in the timeframe you want.

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Becoming your own boss

If you're planning on becoming your own boss, you no doubt already know that a business plan is essential and you've probably heard the expression "businesses don't plan to fail, they fail to plan". But what are the other considerations that are going to be just as important to your success?

Some questions you may wish to consider include:

• What do I need to think about when starting a new business?
• What is a small business financial plan?
• Where should I go to seek advice?
• Should I insure my business?
• What are my obligations if I take on employees?
• What about super for myself?
• How do I make sure my business will continue without me?
• What tax concessions apply if I choose to exit my business?

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• Advise on the financial planning aspects of your business plan.
• Review, advise and organise the specialised insurances you need to protect your business and your employees.
• Advise on the superannuation requirements for you and your employees.
• Recommend superannuation funds or managing a DIY superannuation fund.
• Explain your super obligations for staff.
• Advise about investing your business profits.
• Advise on succession planning for your business.
• Advise on insurances specific to the business needs

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Business Insurance

Your business delivers your cash flow and may provide you with a substantial asset both now and into the future. It pays to protect it.

Some questions you may wish to consider include:


• What happens financially if I or a key person in my business were unable to work due to sickness or injury?
• What happens if my business partner is no longer around?
• How can I safeguard my business from the unexpected?
• What is ‘Plan B’ for my business?

How we can help:

• Explain the various ways to protect your business and provide advice as to what may be appropriate for yours.
• Calculate the amounts of insurance you may need.
• Determine the most appropriate insurance product for your needs.
• Assist with Buy Sell Agreements and succession planning advice.

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Providing super for your staff

Helping your employees prepare for their financial future is vital and superannuation is one of the key benefits you as an employer can offer your employees. Corporate superannuation can also provide other employee benefits such as insurance cover (often with automatic acceptance) as well as member services and education.

Common questions to consider:

• What is the most appropriate superannuation solution for my employees?
• Is insurance cover provided automatically as part of the plan?
• Can I maintain my company's identity while still outsourcing superannuation arrangements?
• What is a policy committee and do I need one?
• What is Choice of Fund and how will it affect my employees?
• Can I pay super contributions electronically and is a clearing house facility important?

How we can help:

• Review your current superannuation arrangements.
• Help you establish a corporate superannuation plan that best suits your circumstances.
• Assist with setting up a policy committee and provide ongoing involvement and support.
• Provide advice around insurance arrangements.
• Help you understand and meet your compliance obligations.
• Provide financial planning services to your employees as members of your corporate super plan.
• Provide member education and communications

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A sudden windfall

Although windfalls may be unexpected, if and when they happen, how do you make sure you make the most of them? And, when it comes to inheritance, how do you know if there are any special obligations or considerations that apply?

Some questions you may wish to consider include:

• What are my options?
• Do I have to pay tax on an item I inherit?
• I inherited a house and I want to sell it. Do I have to pay Capital Gains Tax?

How we can help:

If you have a sudden windfall like cash, property, shares or even a valuable item there may be financial implications. We can help you understand those implications and help you make the most of your windfall. We'll also ensure you're aware of any tax implications of your decisions.

• Review and help you set goals and a realistic timeframe.
• Identify your options if the windfall is cash and advise of tax considerations if the windfall is not cash.
• Recommend a selection of investment options.
• Advise you when you need to see an accountant or solicitor.

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Providing for future generations

When you've worked hard to get where you are, you want to make sure that you and your family can enjoy the benefits. But if the unforeseen happens, how do you ensure your family can continue to live the way you would want them to?

Some questions you may wish to consider include:

• What is estate planning?
• Is estate planning just about making a Will?
• What is a Will?
• Why do I need to make a Will?
• What are the advantages of having a Will?
• What is a Power of Attorney?
• Is it true that a person's debt dies with them?
• How do I make a Will?
• What should I consider when I make a Will?
• How often should I update my Will?
• If I don't have a Will, doesn't everything just go to my partner?
• What happens to my super when I die? Is it not just dealt with under my Will?
• As I have my own business with business partners, what happens to my part of the business if I die?
• Is there anything I can do to protect my estate?

How we can help
:

As part of a good, comprehensive financial plan, we generally recommend that you establish a Will to express your wishes for what happens to your assets after you die.

If you have a Will we will usually recommend you review it regularly to keep it up-to-date with your circumstances. We can't advise you on inheritance laws or write the Will for you. However, we can advise the social security benefits that could benefit your family after you die.

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  Contact Us

Address: 116 Gordon St
Gordon Park, QLD 4031

Postal: PO Box 127
Wilston, QLD 4051

M 0434 077 787
P 07 3357 6070
F 07 3357 7371

www.mckennacollins.com.au
[email protected]


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McKenna Collins Pty Ltd (ABN 39 140 192 424) trading as McKenna Collins, Daniel McKenna is an authorised representative of AMP Financial Planning Pty Limited (Australian Financial Services Licence No. 232706). General Advice Warning: Any advice in this website does not take account of your personal circumstances. Before relying on it to make a decision, you should consider how it applies to your overall circumstances or get personal advice.