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The introduction of the EPF's third account, now known as Akaun Fleksibel (AF), offers unprecedented flexibility for members, allowing them to withdraw funds to meet urgent financial needs. #EPFFlexibleAccount #RetirementSavings #financialplanning https://lnkd.in/deAbP7s3

What is an SMSF Audit? 🤔 An SMSF Audit is a mandatory examination of your Self-Managed Super Fund's financial statements and compliance with superannuation laws. Conducted annually by an independent auditor, it ensures your SMSF adheres to ATO regulations, safeguarding your retirement savings. 🌟 Key Benefits: * Compliance Check: Verifies adherence to ATO rules. * Financial Accuracy: Ensures precise financial reporting. * Peace of Mind: Provides assurance that your SMSF is in good standing. * Don’t overlook your audit – it’s essential for the health of your SMSF! 📊✅ #SMSFAudit #SelfManagedSuperFund #FinancialSecurity #RetirementPlanning #ATOCompliance #holzworthpartners 📞 07 3999 9751 🌐www.holzworth.com.au This post contains general information; please keep in mind that the strategy or products discussed may not be suitable for your individual circumstances.

Considering a Self Managed Superannuation Fund (SMSF)? Here’s why it could be a great choice for you! SMSFs offer unmatched flexibility and are regulated by the ATO. They are suitable for most individuals, except those under legal disability or those planning extended overseas stays. Why choose an SMSF? ✅ Control: Take charge of your investments. Decide where, when, and how to invest your funds, and make changes to your portfolio whenever necessary. ✅ Flexibility: Invest in a diverse range of assets, including real estate, shares, bonds, term deposits, and more. ✅ Tax Benefits: Enjoy a maximum income tax rate of 15% on your SMSF, provided your fund is a 'complying fund' that adheres to SMSF rules. Non-complying funds face the highest marginal tax rate. ✅ Protection: Working with a professional administrator minimizes the risk of penalties and ensures continuous compliance monitoring. We provide guidance to keep your fund compliant. Please remember that any decisions like this should be made with guidance from your financial advisors. This post is general in nature and is not advising anyone to make these changes, simply highlighting the benefits some might see from going down this path. #SMSF #superannuation #retirement #financialplanning #whatsnext

Is it the financial services sector's responsibility to bridge the UK’s financial literacy gap? This article from Raconteur sheds light on a concerning reality: a significant financial literacy gap exists in the UK, with millions struggling to make informed financial decisions, particularly regarding pensions and savings. As the Institute for Fiscal Studies (IFS) highlights, a substantial portion of private sector workers are not saving adequately for retirement, and many lack even basic financial knowledge. This poses not just a social challenge but also an economic risk, especially in a country heavily reliant on private pensions. The call for action extends beyond schools, where financial education remains fragmented. It reaches the doorstep of financial institutions. A former Lord Mayor of London, urges financial firms to promote financial literacy across society. With regulatory pressures like the FCA’s consumer duty regulations, the industry faces increasing expectations to step up its efforts. Maybe a collaborative approach is the solution, with banks taking a role in ensuring widespread financial education, not just for youth but also for adults lacking confidence in managing their money. While challenges remain, including historical exploitation of financially vulnerable individuals, there's a growing consensus that financially literate customers are not just good for society but also for the bottom line of financial institutions. The question remains: Can the financial services sector step up to bridge the UK’s financial literacy gap? The answer may lie in a collaborative effort that leverages expertise, innovation, and a genuine commitment to financial empowerment. What’s your view - have you come across any good examples of financial institutions taking a proactive approach to bridge the financial knowledge gap? #FinancialLiteracy #FinancialEducation #financialknowledgegap

One way to build wealth for retirement is to invest in property through a self-managed super fund (SMSF). This strategy isn't suitable for everyone, but it can be very profitable for the right person given the leverage and tax benefits you can get from investing this way. New data from the Australian Taxation Office seems to suggest that lots of Australians have recognised the potential of SMSFs, because, at the end of the 2022-23 financial year, 24.7% of all superannuation savings and assets were held in SMSFs. Also, as the graph shows, the SMSF asset base has grown over the past five years. However, only 18.6% of SMSFs were established in the past five years; the average SMSF was actually founded 12.46 years ago. In other words, relatively few people have been opening SMSFs in recent years, which is surprising given what an incredible tool they can be. Again, investing in property through an SMSF isn't suitable for everyone. But it's something that should at least be considered, given the large potential benefits on offer. So I recommend speaking to a financial adviser about whether an SMSF would be suitable for you. #property #investing #SMSF #strategy #wealth

JOIN OUR FINANCIAL EDUCATION PLATFORM! Hello Friends and Investors, Are you concerned about your financial future and that of your family? Are you worried about the state of the economy, the galloping prices of foods and commodities, and the free falling exchange rate of the Naira to the dollar? Yes! We are all concerned and worried! But that doesn't solve any problem or help to improve your financial position or gives you financial security. The only way out is to get more financial education and to understand the financial planning process and how you can apply the strategies to design your preferred financial future that guarantees your financial security and that of your family. So long as you still have income coming into your account on a regular basis, all hope is not lost. Things can get better for you and your family with proper financial planning strategies/solutions. Do you know that the financial literacy level in Nigeria as of 1st June 2023 was 26%. This is according to the *Global System for Mobile Communications Association* . The implication of this is that 74% of Nigerians have been making poor or wrong investment decisions and have been inefficiently managing their financial resources. https://lnkd.in/dUfduDNi Equally interesting is that only 2 out of 10 working class individuals, professionals and business owners in Nigeria have a Retirement Savings Account (RSA) under the current *Contributory Pension Scheme* (CPS) as of December 2022. The implications of this is that 8 out of 10 workers have no financial plan for their retirement life and have to depend on their children, relations and friends for survival. This ought not to be so! With adequate financial education and proper financial planning strategies, you can enjoy a comfortable lifestyle during, before and after a successful working life. We regularly engage in useful educational conversation with working class individuals, professionals, business owners and retirees who love their families and care about what happens to them whether or not they are there. We provide vital financial and investment advisory services and help them to identify/review their most important financial goals and to provide adequate future financial security solutions to their loved ones while enjoying a comfortable lifestyle during, before and after a successful working life. https://lnkd.in/dUfduDNi Nigeria's economic and social environment is both tough and harsh right now, but it is not an impossible environment for planning a secure financial future for yourself, family and future generations. You only need to understand the process of effective financial planning and taking the right steps, one at a time, and you will surely arrive at a secure destination. Our financial education, financial planning and investment advisory sessions are FREE. You're welcome on board.

A Registered Retirement Savings Plan (RRSP) can do more than help you save on tax. Learn how.

A Registered Retirement Savings Plan (RRSP) can do more than help you save on tax. Learn how.

A Registered Retirement Savings Plan (RRSP) can do more than help you save on tax! Learn how 👇

When I talk about SMSFs, what comes to mind? 🤔 Greater control over your retirement savings? The ability to invest in a wider range of assets? Or maybe the power to buy property using your super? Well, here's something interesting: I've seen a 25% increase in enquiries about SMSFs at my accounting firm! 📈 WHY? Because with an SMSF, you can: ✅ Make your own investment decisions ✅ Borrow money to purchase property ✅ Potentially get better returns year on year But remember, with great power comes great responsibility. Managing an SMSF isn't all smooth sailing. There are: ⚠️ Compliance requirements ⚠️ Record-keeping duties ⚠️ Potential penalties for mistakes Want to know if an SMSF is right for you? Watch the full video: https://lnkd.in/gS6egWPe #smsf #propertyinvestment #superannuation #financialplanning #retirementplanning #wealthcreation