22.03.2014 news No Comments

Lost Money Found!!!

Essential Financial Planning has enhanced our review process this year for you.
As part of our portfolio review process, we have resolved to search for your lost super and your lost bank accounts.
Astonishingly, within just the first month of implementing this process, we have found lost accounts for 40% of the clients we performed the search for. The average amount of money belonging to each client is around $150!!
To assist us in maximising our search for any of your lost money when we complete your next review, please advise your tax file number.
We look forward to completing this search on your behalf and advising you of any money we should locate that’s yours.
The Essential Financial Planning team
22.03.2014 news No Comments

New Year’s Resolution

Happy New Year!

Welcome to what is officially our first email for 2014.

Like many of you, we have made some new year’s resolutions. As is quite typical, they revolve around happiness, health and (of course) wealth.

If you have made New Year’s resolutions that might benefit from our assistance, we invite you to ask for our help. We are particularly good at resolutions for wealth, but we will also attempt to help you with health and happiness related resolutions too.

For assistance, please call us on 9614 1044.

With wishes for a happy, healthy and prosperous new year,

The Essential Financial Planning team

29.06.2011 news No Comments

Would you leave $100 on the ground?

Chances are you wouldn’t, and yet that’s exactly what happens with lost super.  If you’ve had a couple of different jobs in your lifetime, you will most likely have a couple of superannuation funds floating around out there too.

According to The Association of Superannuation Funds of Australia (AFSA), having only one super account compared to say two or three can save you $100 or more a year in fees. Not to mention less paperwork being sent to you by each fund on a regular basis and peace of mind knowing where all your retirement savings are. So why wouldn’t you consolidate?!

Where can you find lost super?

If you know you have existing super accounts but don’t have any statements to check details, it may be considered ‘lost’. Or you may have super accounts you have totally forgotten about. The good news is that if you know your Tax File Number (TFN) you can easily trace any lost superannuation benefits by using the Australian Taxation Office’s SuperSeeker tracing service by either…….

  1. Phoning them on 13 28 65, or
  2. Using their online service which you can access via the ATO website or via this link;

How do I consolidate benefits?

Once you have found all of your benefits, you then need to consolidate them into the one fund. This is where we can help you to make an informed decision about which fund is best for you. It’s then a very simple process to complete the necessary transfer forms to consolidate all of your superannuation benefits for ease of management and ongoing review, and to reduce ongoing fees and charges.

Don’t forget these important considerations however…..

Compare the costs, risks and benefits:
Before you start consolidating, make sure you check what the costs associated with each of your funds actually are, and compare them against each other. It’s also important to check if there are any benefits – such as insurance – attached to any of these funds, as these benefits will be surrendered upon you closing an account.

Check if any withdrawal fees apply:
It’s a good idea to confirm with your other funds whether any withdrawal or termination fees apply upon closing your account, to avoid any unwelcome surprises.

Be aware of any investment or tax implications:
Everyone’s situation is different, so make sure you understand what the tax liabilities may be and how your investment strategy could be affected as a result of consolidating your super.

If in doubt, ask! We will be more than happy to assist you.