Financial Advice for new job

Discussion in 'Accounting & Tax' started by Jelsa2, 17th Jul, 2015.

Join Australia's most dynamic and respected property investment community
  1. Jelsa2

    Jelsa2 Well-Known Member

    Joined:
    21st Jun, 2015
    Posts:
    49
    Location:
    Mandurah
    hi All not sure where this might fit. I am moving jobs and working in the welfare industry and therefore access to salary sacrifice set up. I need financial advice to make sure i am using this structure to my best advantage. Hoping to retire from full time work in around 4 years so anything I set up from now on is important.

    I live in Mandurah WA and would welcome any recommendations of a good financial advisor who can advise me.

    Thanks guys
     
    Jelsa2, 17th Jul, 2015
    #1
  2. thatbum

    thatbum Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,835
    Location:
    Perth, WA
    Wouldnt it be as simple as salary sacrifice as much as you can?

    That's pretty much what I did.
     
    thatbum, 18th Jul, 2015
    #2
  3. wylie

    wylie Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    14,006
    Location:
    Brisbane
    Are you retired? I think of you as about 32, dark hair, tall, slim, vegetarian maybe?

    I have no idea why but it is just how I picture you - like when you read a novel and get a picture in your head of what the characters look like.

    Now I am wondering if you look more like Rumpole? :p
     
    wylie, 18th Jul, 2015
    #3
  4. Heinz57

    Heinz57 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,976
    Location:
    Paradise
    Salary sacrifice to the max if you can, but also check you are comfortable with your asset allocation within the fund. Also industry funds usually have lower fees than the flashy ones that financial advisors try to sell you.
     
    Heinz57, 19th Jul, 2015
    #4
  5. HD_ACE

    HD_ACE Game-Changer

    Joined:
    18th Jun, 2015
    Posts:
    491
    Location:
    Perth
    His Avatar is a selfie from the last SS meet.

     
    HD_ACE, 19th Jul, 2015
    #5
  6. thatbum

    thatbum Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,835
    Location:
    Perth, WA
    Oh I didn't mean to a fund, I meant to cover personal expenses essentially. I'm guessing its one of those public benevolent institutions that pretty much let you sal sac to anything - like a credit card.
     
    thatbum, 19th Jul, 2015
    #6
  7. Heinz57

    Heinz57 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,976
    Location:
    Paradise
    Ah, right. I read "retirement" and thought "super"
     
    Heinz57, 19th Jul, 2015
    #7
  8. thatbum

    thatbum Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,835
    Location:
    Perth, WA
    Haha not quite with the description, but I definitely don't look like Rumpole (I had to google who he was).

    I definitely have hippy tendencies if that's where you were going though. And aiming to retire quite early on a small passive income (at 35 or so. I'm 30 at the moment).
     
    thatbum, 19th Jul, 2015
    #8
  9. Jelsa2

    Jelsa2 Well-Known Member

    Joined:
    21st Jun, 2015
    Posts:
    49
    Location:
    Mandurah
    Hi all
    Thanks for your responses. Yes I can salary sacrifice a certain amount but I can also put money into an entertainment card which I've had before but I don't believe I used this function to my advantage. I believe I could get my taxable income down quite a bit if I use this in a smart way. I think I can only salary sacrifice 35000 per year but this is above the salary sacrifice amount. So I need to find someon I can have a conversation with around setting it up correctly.
     
    Jelsa2, 19th Jul, 2015
    #9
  10. D.T.

    D.T. Specialist Property Manager Business Member

    Joined:
    3rd Jun, 2015
    Posts:
    9,189
    Location:
    Adelaide and Gold Coast
    having met "thatbum", this post made me lol :)
     
    D.T., 19th Jul, 2015
    #10
  11. mrdobalina

    mrdobalina Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    1,961
    Location:
    there's more to life than working
    You can retire to live in your renovated church ;). How's that going?
     
    mrdobalina, 19th Jul, 2015
    #11
  12. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    23,504
    Location:
    Sydney
    Advice on salary sacrifice under the benevolent exemptions shouldn't need financial advice. Its not like you are Sal Sac to super. Its tax advice. All employers say that. Every nurse, church employee etc gets same story.
     
    Paul@PAS, 21st Jul, 2015
    #12
From $20k to $25 Million: The Chris Gray Story