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How much super do you need to retire comfortably?

How much super do you need to retire comfortably? Australians are beginning to question the amount of income and super they need to earn to achieve a comfortable retirement.

It has been estimated that an average of $1.6 million will be a goal target for those wanting to retire comfortably. Although this figure is commonly cited, it may be more than what is needed.

The professor of finance at Griffith Centre for Personal Finance and Superannuation; Robert Bianchi noted there is no correct or final figure when heading into retirement.

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How much super do you need to retire comfortably? | Aspect Accountants

Tax cuts become law

The Government has announced that more than 10 million Australians will receive immediate tax relief following the passage of legislation through the Parliament, which increases the top threshold for the 19% tax rate from $41,000 to $45,000 and increases the low income tax offset from $645 to $700 in 2022/23.

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Happy EOFY!! Here are some New Year’s Resolutions to reinvigorate your small business!!

Happy End of Financial Year everyone! Let’s just cut straight to the chase because we’ve got some new financial year resolutions for you to reinvigorate your business. It’s this point in the year when business owners can feel a little drained and unsure of which business steps to take to move forward.

At Aspect Accountants and Advisors West Perth, we’ve put together some easy to follow steps to help grow your small business. Check them out below.

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Why should you know the value of your business

Why should you know the value of your business if you are not thinking about selling? Let’s take a quick multiple choice test, answer each of the following yes or no:

  1. Do you think you may want to retire some time in the foreseeable future?
  2. Do you know who the buyer of the business may be or whether a buyer may exist?
  3. What will happen if you are unable to run the business for any reason (sickness, accident etc)
  4. Do you have a plan for the succession (someone to take over or buy your business)?
  5. Do you have adequate business insurance to protect this asset?

If you answered yes to any of the above, you should know the value of your business and here’s why.

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Why should you know the value you of your business | Aspect Accounting