Client Success #35: A Clearer Tax Position
Immediate savings: Approx. $4,658 a year
We met a woman on a high income who had nearly paid off her investment property and felt she was paying a significant amount of tax. We took the time to understand her plans, including whether another property might suit her, then brought her super, cover and tax position together. She’s now saving approximately $4,658 a year, with her super projected to be about $110k higher at retirement.
Client Snapshot
- Single, with a high income
- An investment property that’s largely paid off
- Minimal cover for very high premiums
Their Goals
- Have her super reviewed
- Protect her income and assets
- Improve her tax position
The Challenges
- She felt she was paying a significant amount of tax
- Her cover was minimal for very high premiums
- Her super didn’t seem to be growing
Our Strategy
- Moved her super to a lower-cost fund, more than halving her fees
- Improved her super’s investment strategy
- Put an insurance strategy in place, with premiums structured to be tax deductible
- Talked through her options for a further investment property, to take up with her lender
The Outcome
Her cover is in place, and she’s saving approximately $4,658 a year, with super projected to be about $110k higher at retirement. As with any policy, the insurer assesses the claim.
- Immediate savings
- Approx. $4,658 a year
- Estimated tax saving on premiums
- Approx. $4,260 a year
- Super fees reduced
- $398 a year
- Projected retirement uplift
- Approx. $110k
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