Finance News

Business Owners Need Super Too

Business Owners Need Super Too Author: Jack Adroulidakis As any business owner will tell you, it can be hard to find time to both manage your business and enjoy the fruits of all your hard work. Almost all business owners overlook their own superannuation because they believe their business is their greatest asset. With the long hours and hard work of establishing a business, preparation for one’s retirement is put on the back burner. I am no longer the owner of a business, though I was for eighteen years. At this stage in my life I am able to reflect on the choices I made. I am especially grateful for the advice that was given to me before I became a business owner; contribute to your own super fund. Superannuation is not limited to PAYG employees; it’s equally important for business owners. As the old ad from the 90’s said, ‘it’s your money Ralph’. A nest egg is a nest egg, whichever way you look at it. If you ask one hundred business owners if they would like to receive a post-retirement income stream, tax free, I guarantee one hundred answers of a resounding ‘Yes Please!’ To this end, business owners, just like everybody else, should contribute to their super funds and invest the balance wisely in options aimed at growing the balance further. It’s instinctive to throw everything into the business you’re working so hard to build, but it’s important to invest in yourself as well as your business. Superannuation does just that. At Amega Financial Solutions, we support business owners to plan for and transition to retirement, manage income streams and minimise tax expenses. Consult a financial planner to learn how best to reap the rewards of all your hard work.   General Advice Disclosure: This document contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. If you decide to purchase or vary a financial product, your financial adviser, AMP Financial Planning and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/or a percentage of either the premium you pay or the value of your investment. Please contact us if you want more information.

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