Business owners preparing for retirement
The challenge
Michelle and Cameron were planning to retire within two years. Their immediate need was to find the most effective way to transfer their business premises into their self-managed super fund (SMSF), without breaching their contribution caps. But they also had a complex portfolio of assets, including a company, an SMSF and two business premises with different ownership arrangements.
Our solution
We recommended that Michelle and Cameron make a $150,000 after-tax contribution into their SMSF in the current financial year, providing extra cash for the fund. They were then able to use their combined non-concessional contribution caps in the next financial year to transfer the bulk of the property into the fund. Meanwhile the fund could use its extra liquidity to buy the remainder of the property.
With their immediate issue solved, we helped Michelle and Cameron develop clear financial and lifestyle goals, then created a plan designed to achieve them.
The outcome
Today, Michelle and Cameron are enjoying the retirement lifestyle they always looked forward to. We continue to help them protect and extend their wealth, so that they can face the future with confidence.
This is a hypothetical example based on a real client experience. Names and details have been changed.