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The following case study relates to a real life example of how we helped Elizabeth, achieve the following results

$25,000

In tax savings

$550,000

Increase in investable SMSF value

$195,000

Profit in 2 years

Whilst this is an actual example, all personal details have been changed, for confidentiality purposes.

Our clients


Elizabeth is middle-aged widow who was referred to us by one of our privileged clients almost 3 years ago. She required help managing her taxes which inhibited her savings. Her yearly income accounted to about 130,000 AUD and the expenses were trivial. Although she had an outstanding loan on her home of 300,000 AUD and her super funds stood at a mere 110,000 AUD.

 

Below is mentioned a brief case study of how our proficient certified chartered accountants and family finance planning experts helped her establish a safe side for her future finance.


Problems before consulting ‘Accountant First’:

  • Our client did keep record of tax reductions which were in turn costing her hundreds of dollars per year in potential tax refunds.
  • Approximately 45,000 AUD were being paid in excess income taxes yearly as our client had no tax planning and lacked the expertise and guidance to reduce her taxes.
  • A major percentage of almost 38% of the total interest of our client’s super funds was being lost in paying the income taxes.
  • Due to the ineffective tax structure on her home loan, our client was paying off more taxes than the principal amount which had lead to the extended period of debt on our client.
  • Considering retirement in a few years, our client had a limited time period of sizable incomes to manage her finances in order to retire peacefully.

Solutions suggested by ‘Accountant First’:

  • Our expert tax handlers revised our client’s cash flows and claimed thousands of dollars in tax returns of which our client had no idea they were entitled to.
  • We helped our client establish a low-tax, high interest savings account and transferred her savings to increase the capital growth on the savings.
  • Our experts helped establish a minimized tax plan for our client’s home loan in order to render the amounts being paid to be minimized and clear the mortgage as soon as possible.
  • We procured a limited recourse loan from the super to help our client invest in property in her city in order to increase the investable funds in her self-managed super funds account.

Results after implementation of solutions:

Since adopting our recommendations, Elizabeth have achieved the following:

  • Our client received an interest and tax savings amounting to almost 25,000 AUD of which they were previously unaware of.
  • The investable value of our client’s super was considerably increased from mere 110,000 AUD to a handsome 650,000 AUD with the purchasing of property investment.
  • With the increase in the investable value of her self managed super funds account, the gross balance of our client’s super funds was significantly increased from 110,000 AUD to almost 285,000 in a couple of years.
  • Up till now, our client had benefited from a total amount of 195,000 AUD.

Post becoming clients

We meet with Elizabeth at least twice a year to monitor her progress towards her financial goals, as well as to identify additional tax and investment opportunities that may be available for her.

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