CLIENT STORIES
Kiran and Nila's strategy for prosperity and protection
Kiran and Nila have a young family and a successful business that they started eight years ago. While they were making a great profit, they felt that they weren’t making the most of their surplus cash and were paying too much in tax.
CLIENT STORIES
Kiran and Nila's strategy for prosperity and protection
Kiran and Nila have a young family and a successful business that they started eight years ago. While they were making a great profit, they felt that they weren’t making the most of their surplus cash and were paying too much in tax.
Working with Financial Spectrum has been a game-changer for us. We’ve saved almost $100k in tax per year and have a clear plan for our family’s future. Knowing that we can help our children and use our wealth to benefit future generations brings us immense satisfaction and peace of mind.
Kiran and Nila
How Financial Spectrum helped
A thorough review of Kiran and Nila’s business structures revealed that the business was set up incorrectly from the outset. Our team of advisers across financial and business advisory arms built a business transformation strategy for them. This gave them significantly more flexibility in earning their income and managing their tax obligations. The plan also protects their business assets from potential creditors and litigants, ensuring the value they have built over the past eight years is well protected.
The free cash flow created by paying less in tax allowed Kiran and Nila to rapidly pay off the remainder of their home loan and debt recycle the money into the investment markets. We established a new trust structure to build wealth and passive income outside of their business. Additionally, we started making maximum contributions to their super fund and set up an SMSF for greater control and transparency.
Results we achieved
- Reduced tax liability by $64,000 annually.
- Further reduced tax by $25,000 per year by making maximum super contributions.
- On track to be debt free in 3.5 years.
- Super balance projected to grow from $260,000 to $1.746 million in 15 years.
- Forecast to live off investment passive income by age 56 (outside of business).
- On track to build deposits for their children buy property in 12 years.
- Protected financial future with insurances.
- Secured wealth with wills and estate plan.
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