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PERSONAL Financial Services

In today's complex world, the management of your individual financial affairs has an even more significant impact on your financial security.

At Kennas, we help you to ensure your financial affairs are arranged in the most advantageous manner for you and your family. Whether you are self-employed, or on a salary, looking to create wealth or preserve it, we can help you to develop a strategy to meet your goals.

We can provide assistance with all aspects of helping shape your financial success including:

  •     Accurate completion of your tax returns, maximising your tax deductions and minimising your tax
  •     Grow your wealth so you can retire sooner
  •     Guidance on growing your superannuation
  •     Tax benefits of investing in rental properties
  •     Personal insurance to protect your family's future
  •     Setting up and administering your self managed superannuation fund
  •     Estate planning and aged care advice for you or your family members

Our team at Kennas can help take the worry and hassle away, so why not take us up on the offer of a free, no obligation initial meeting?

We have provided below a selection of resources to help educate and inform.  If you require further information on any matter raised below, please contact us.


The Importance of Correct Income Tax Returns

It is essential your Income Tax Returns are completed accurately and lodged on time. With many complex rules surrounding areas such as capital gains, tax deductions, negative gearing and superannuation, most Australians need help meeting their tax obligations. The Tax office can also charge substantial penalties for incorrect tax returns.  You can end of paying thousands more in tax if you miss claiming tax deductions you are entitled to.

Our staff all have completed business degrees, along with many being Chartered Practicing Accountants. What this means to you is you have highly trained and highly skilled accountants working on your taxation affairs, making sure you pay as little tax as legally possible, whilst avoiding trouble with the tax office.


The Quick Guide To Financial Success


This publication is a short ebook written by Kennas to help explain simple tips and tricks on achieving financial success.
Click Here to download the ebook - Achieving Financial Success.

What can you claim as a tax deduction?


What can I claim as a tax deduction? At first instance, anything you spend in relation to your work or business may be tax deductible.  The tax office has more information on its
website.  

How should I purchase a vehicle and what are the tax deductions.  Tax deductions for cars depend on how much the car is to be used for work/business purposes.  The tax office has a good summary of what car travel can be claimed and the ways of claiming car costs on their
website.

In relation to financing a car, if business use is more than 50% then leasing is a tax and cashflow effective way to finance a vehicle.  Otherwise a chattel mortgage or personal loan can be used.

How can I maximise my superannuation contributions?  Contributing to superannuation is one of the most used tax planning tools for business owners.  If your taxable income is say $60,000 and you contribute $10,000 into superannuation, you should receive a tax benefit of about $2,000.  Money put into super is also well protected from business risks.  There are contribution caps in place for super contributions, which is currently $25,000 annually for tax deductible super contributions.  More information can be found on the tax office
website.

Personal insurance

Depending on your situation, personal insurance like life insurance and sickness/accident insurance can be very important (especially when you have debt or family to worry about if something happens to you). Would you like our insurance expert Brent Giles to contact you to discuss your personal insurance? 


Estate Planning

We recommend you review your wills at least every 5 years and have a qualified solicitor prepare these for you. As your affairs become more complicated, it is also important to have Kennas involved in the process as we often know your financial situation very well, and can assist in the process in relation to your financial affairs.

Self Managed Super Funds 

Self managed superannuation funds have become extremely popular in the last 5 to 10 years. This has been driven by many people contributing large sums into superannuation to gain large tax benefits, but wanting to manage their superannuation investments themselves.

What must be remembered with self managed superannuation funds is that they are a very complex area. If you make a mistake when operating your fund, the penalties (such as paying tax at 45% on your fund) are very high.

Kennas has a specialist self managed superannuation team who can advise you on all aspects of setting up or operating your own superannuation fund. We also handle all the administrative and compliance work for your fund, meaning all your tax and accounting work is kept in one place.

Make sure you get good advice before setting up a self managed superannuation fund. It's important to understand they are not for everyone. Call us today to go through your requirements, and for us to help you make the right decision for your retirement savings.

Financial Planning

Investment Advice & Wealth Creation

What is the best way to grow wealth? 
Should I invest in shares or property? 
Are there better investment returns out there than what I am getting?

Our qualified and experienced team is able to discuss with you your financial options, providing a three stage service in financial planning:

  • Initial financial advice
  • Implementation of financial advice
  • Ongoing advice and portfolio management

Don't take unnecessary risks with your future! Contact Kennas Financial Services to discuss your retirement and superannuation strategies, and put your tax effective financial plan into place as soon as possible.

Superannuation & Retirement Planning

How much money do you need in retirement?

  • Can I afford to retire when I'm 55?
  • Should I be salary sacrificing some of my salary into superannuation, and if so how much?
  • How can I become eligible to receive a pension from Centrelink?

Many people come to us asking these questions and more.  Retiring can be a scary proposition and you need to know well before you retire how you are going to survive financially.

Kennas Financial Services is Central Queensland's only licensed financial planning firm operated by an accounting firm.  What this means to you is the highest level of expertise and professional advice available, incorporating all aspects of your wealth creation and investment advice into a tax effective financial plan.

We have a dedicated team of investment advisers, paraplanners, and professional administrative assistants who are committed to providing you with the highest quality advice on your investments and financial plans.

 

Asset Protection & Estate Planning

As your wealth grows, many people look to protect hard earned family assets from creditors, lawsuits, irresponsible children, and family breakdowns. This involves both careful planning while you are alive, and after you are gone.

As unpleasant as the task is, considering what happens after you die through careful estate planning is one of the necessities in life. It allows peace of mind knowing your hard earned assets will be dealt with in the manner you choose.

For business owners, a plan for succession of ownership is essential. Especially if you are relying on your business to fund your retirement, or to provide for your children's future.

Our Estate Planning services includes:

  • Developing a strategy for the transfer and protection of assets 
  • Review of existing structures & Wills 
  • Advice on potential structures 
  • Control of assets (both now & in future) 
  • Powers of Attorney & Guardianship 
  • Consideration of life insurance & superannuation strategies
  • Co-ordination of the estate planning process with your lawyer and insurance broker.

Links


Aged Care Planning & Advice

It's not easy to place a loved one in aged care and it's not easy to understand how it all works. Working through the financial implications can be just as overwhelming. Unfamiliar terms, strange acronyms, complex criteria, a large amount of information and constantly changing rules add to the confusion. At a time when emotions are running high you need a clear head when trying to locate the best possible care, whilst balancing that with the best possible financial outcome.

At Kennas we can help you to:

  • Understand your options in relation to the upfront costs;
  • Budget for the ongoing costs;
  • Maximise your pension and minimise your fees;
  • Decide whether you should sell the family home or rent it out;
  • Know the impact on your pension entitlements;
  • Ensure that the money lasts as long as possible.


Level of insurance

Whilst it is extremely important to ensure you are not under insured, it is equally important to ensure you are not over insured. To determine the appropriate level of cover, here at Kennas we conduct a needs analysis, which addresses your entire financial situation.

There are a number of triggers which may arise, that require you to revisit your level of insurance. Triggers may be personal (new or pending dependants, recently married, divorced or separated, partner now not working, improvement of a health condition), employment (new job or occupation or business situation, redundancy) or financial (salary increase, inheritance of a bequest, new debt).

Review of Insurance Policy

Using our our comparison software, we review the price, features and definitions of each policy, and subsequently determine the most appropriate policy to meet your individual needs.

Case Study

Mr & Mrs Jones had annual insurance premiums of $10,000. They were happy with their existing level of insurance. Upon reviewing their insurance policy, research revealed it could be upgraded automatically, which resulted in a premium reduction to $8,000 per annum, a saving of $2,000 per annum.

If you have triggered an event outlined above, or have not had your insurance policy reviewed, please contact Brent Giles, our insurance specialist. Brent is a Certified Financial Planner and a Life Risk Specialist.

Taxation & accounting services 

Tax Compliance
Tax Planning & Advice

Self managed superannuation

Self Managed Superannuation Funds 

Financial Planning

Investment Advice & Wealth Creation
Superannuation & Retirement Planning
Asset Protection & Estate Planning
Aged Care Planning & Advice
Personal Insurance Review

Contact Kennas Today!