Services we offer
At LifeScope Wealth, we offer a comprehensive range of services designed to help you achieve your financial goals. From personalized strategies to retirement planning and tax optimization, our expert team is dedicated to providing tailored solutions that meet your unique needs.
Our Services
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Superannuation, selection and consolidation
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Life Insurance and Permanent Disability Insurance
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Trauma/ Critical Illness Insurance
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Income Protection Insurance
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Key Person Insurance
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Self Managed Superannuation Fund (SMSF)
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Aged Care Advice
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Retirement Planning
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Transition to Retirement (TTR)
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​Wealth Accumulation Strategies, Investment/Share Portfolios
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Cash Flow and Budget Planning
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Child Education Cost Planning
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Tax Strategies
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Debt Management
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Savings Plan
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Estate Planning​
Superannuation
At LifeScope Wealth, we offer comprehensive superannuation services designed to help you secure your financial future. Our expert team provides personalized advice and strategies to maximize your retirement savings and ensure you make most of your superannuation. We guide you through the complexities of superannuation regulations, helping you make informed decisions tailored to your unique circumstances. Trust us to support you in achieving your retirement goals with confidence.
Investments
If you want your money to begin working for you, it's essential to understand investing. Each person's needs and situations vary, but here are some fundamental points to keep in mind. We also suggest reaching out to us before you start investing your money in any option.
What is superannuation?
Superannuation (or super) is a fund specifically designed to help you save and invest for your retirement.
It’s restricted as you generally can’t withdraw from super until you retire or reach your preservation age (that’s the intention, although there are special conditions of release).
And super funds are set up as trust funds. This means a trustee is appointed to manage the fund on behalf, and for the benefit, of its members.
Super receives special tax treatment compared to your other money. When it comes to investing over the long term, there aren’t many better tax-effective ways to save for your retirement.
Lower taxes and more investment options – such as local and international shares, property and fixed interest investments – offer your super more potential to grow.
Why do I need super?
Super is compulsory for employees. Superannuation Guarantee (SG) contributions** were introduced to help us take control of our retirement.
** Deposits into a super fund are called contributions.
Advantages of super
Super opens your money to the world of investment markets and you can choose how it is invested. Money in super is taxed in different ways to your other investments. It’s designed to reward you for investing for the long term. Your insurance premiums, which are part of your super contributions, may be paid from your pre-tax salary, which is a tax-effective way to enjoy the protection you and your family need.
Making a contribution
Deposits into super are known as ‘contributions’. There are two types of contributions. They can be made from your:
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pre-tax income (concessional contributions) and
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post-tax income (non-concessional contributions).
Generally, concessional contributions (made from pre-tax income) attract a contributions tax of 15%, which can be significantly lower than your marginal tax rate. Tax on non-concessional contributions (made from post-tax income) does not apply. However, there are caps on both these types of contributions which vary depending on your age.
Benefits
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Earnings in super are taxed at up to 15% (and only 10% on capitals gains for assets held over 12 months), which is lower than most people’s marginal tax rate. If you start a pension at retirement then the tax on earnings in super reduces to nil.
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If you withdraw after age 60 your money is tax free.
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You can withdraw your super balance (the benefit) when you reach your preservation age. This varies depending on your birth date. By 2025 everyone will have a preservation age of 60.
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There are different tax treatments on lump sum payments depending on the size of the benefit and the age and service period of the member.
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Money invested after July 1999 is fully preserved, which means it can’t be accessed until you reach your preservation age.
More flexibility
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Super is becoming more flexible with more strategies and ways to reach your retirement goals:
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The government’s co-contribution scheme is designed to help low to middle income earners get more into their super.
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Concessional contributions can be used to reduce your tax.
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A transition to retirement strategy means you can still work full time or part time after your preservation age and still contribute to your super.
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Self-managed super funds allow you to take even more control of your super.
LifeScope Wealth provides quality, personalised advice.
Contact us today.
If you want your money to start working for you, it's important to understand investing. Everyone has different needs and circumstances, so here are some key points to keep in mind. We suggest contacting us before you start investing your money.
What your goals?
Start by identifying your investment goals. Since each investment comes with varying levels of risk and potential returns, it's essential to choose the right investments to achieve your objectives:
Short-term goals—like saving for a car or vacation within the next six months to two years.
Medium-term goals—what you hope to accomplish in the next two to five years, such as starting a business.
Long-term goals—if your goal is more than five years away, like saving for a child's education.
Investment strategies
As a potential investor, you will encounter many investment offers daily. Therefore, grasping the basics of investment strategies is crucial. This includes concepts like diversification and dollar-cost averaging, which can help align your investments with your goals.
Selecting the right investment option
Take the time to make well-informed decisions. After evaluating your short, medium, or long-term investment goals, look into your investment options. Different asset classes can help you reach your goals in a way that fits your needs.
Your risk tolerance
Your risk tolerance is shaped by two main factors: the time you have to invest and your comfort level with risk.
While all investments involve some risk, some are typically more volatile than others. If you have a long-term goal, you may be able to ride out market fluctuations, while short-term goals might necessitate a more cautious approach. If you're willing to take risks and have ambitious investment goals, you might choose riskier options, whereas conservative investors usually prefer safer investments.
Types of investments
Your risk tolerance will influence your investment choices:
Cash (savings accounts, term deposits) – Low risk, potentially low returns
Fixed income (bonds, debentures)– Low risk, often tied to inflation rates
Property (buildings, land, factories)– Moderate to high risk
Equities (shares) – High risk due to various economic and global factors
Additionally, consider:
Insurance bonds—Flexible, tax-efficient investments for medium to long-term goals, allowing for a lump sum or regular contributions.
Managed funds—Pooling your money with other investors, diversified across various asset classes, managed by a professional.
Investing in property through a managed fund or super fund—This provides exposure to a variety of properties in Australia and abroad, offering investment diversification.
To discuss your investment needs, please reach out to one of our qualified Financial Advisers at LifeScope Wealth.
Retirement Planning
Retirement is a unique journey for everyone, shaped by individual dreams and aspirations. It's essential to plan for this significant phase of life, as it allows you to envision what your future could hold. Investing in your superannuation now can be a smart, tax-effective strategy to secure your financial well-being for the years ahead. Start planning today to make the most of your retirement!
Retirement is a unique journey for everyone. For some, it’s the thrill of exploring Australia in a caravan, while others envision luxurious getaways in 5-star hotels around the globe. Whether it’s cherishing moments with grandkids or giving back through community volunteering, your retirement goals are personal and varied. That’s why thoughtful planning is essential to ensure your vision for the second half of life becomes a reality.
We all have different ideas of what the second half of our lives looks like and that’s why planning for your retirement is so important.
Why is retirement planning important?
It’s true that as we live longer, relying solely on compulsory superannuation payments or the Age Pension may not suffice for the retirement lifestyle we envision. Establishing a long-term financial plan is essential to ensure you can enjoy the you’ve always dreamed of. With a solid strategy in place, you can have peace of mind knowing that your financial future is secure and that you can all the activities and experiences you desire. Take control of your financial journey today!
How we can help
LifeScope Wealth can help you work out how much money you have now, how much you might have in the future and where it is coming from.
We will help you:
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Identify your retirement goals
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Review your income and cashflow requirements
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Identify what assets (house, savings, investments) you have and how much they are worth
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Assess how much super you have and when you can access it
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Find ways to grow your retirement income
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Put plans in place to make your money last in retirement
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Determine when you can apply for the age pension and whether you are likely to be eligible
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Review your estate planning
How much money do I need to retire comfortably?
Working out how much is enough for retirement depends on many factors, such as your lifestyle, plans for the future, and the number of years you’ll spend retired. Additionally, estimating how much you’ll have when you plan to retire depends on factors such as your current salary, super balance and other assets.
That is why it is important to get sound financial advice.
To discuss your Retirement Planning needs please contact one of our qualified Financial Advisers at LifeScope Wealth.
Wealth Protection
Having insurance is essential for protecting your assets in the event of death disability, or critical illness. It provides financial support that can help cover outstanding debts, living expenses, and medical costs, ensuring that your loved ones are not burdened difficult times. With the right coverage, you can safeguard your family's future and maintain your financial stability, even in the face of unexpected.
Cash Flow Management
Creating a budget is essential for everyone, as it helps you manage your finances effectively. Rather than restricting your spending, a budget provides clarity on where your money goes, empowering you to make informed decisions. Whether you're saving for a wedding, preparing for parenthood, starting your own business, or planning for a special purchase, a budget can guide you toward your financial goals. Embrace budgeting as a tool for financial freedom and peace of mind.
Debt Management
Managing your debt effectively can empower you to take charge of your financial future and improve your cash flow. We can suggest a debt management plan that allows you to reduce your bad debt while leveraging good debt to build long-term wealth. "Good" debt refers to borrowing for investments in wealth-building assets—those likely to appreciate in value over time or generate income. Additionally, good debt may offer tax benefits. In contrast, "bad" debt involves loans for non-income producing assets, where the interest is not tax-deductible. Using a credit card or personal loan for vacations or luxury purchases are examples of incurring bad debt.
Aged care Advice
When transitioning a loved one to an aged care home, it can be a challenging and emotional journey for everyone involved. If you're uncertain about whether this move is the right choice for your loved one, we're here to provide guidance and support. Let us assist you in navigating this important decision.
Self Managed Superannuation
Self-managed super fundsSMSFs) offer way for individuals to for retirement. They are among the fastest-growing segments of the Australian superannuation industry. With SMSFs, you gain full control over your super fund, including all associated legal and tax responsibilities. Discover if an SMSF is the right choice for you and learn how we can assist you in the process.
Risk Insurance
Risk insurance helps protect your income and assets in the event of illness, injury, permanent incapacity, death, or a traumatic event. Many of us will insure our home and contents and our car; however, we do not consider what will happen to us and our loved ones if we lose our ability to generate income. Through personal insurance planning you can secure your family’s financial stability though different unforeseen events.
The types of considerations we should discuss in case of a trigger event are if you would like to have your mortgage repaid and be debt free; would you like funding for your children’s education; do you need lump sum medical or rehabilitation funding; would you like to leave a certain amount of income to your spouse.
Risk insurance is a key consideration in your complete financial plan especially when you have dependants.
Different types of insurance that may be relevant for your situation:
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Life insurance
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Total and Permanent Disability insurance
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Income Protection insurance
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Trauma insurance
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Business and Key Person insurance
What is Cash Flow Management?
Cash flow management is a system or process of tracking the ins and outs of your income and spending. This includes how much money is coming into your household or business and how much of that income are you spending (and importantly, what are you spending money on).
At LifeScope Wealth, our financial advice team can help you in managing your cash flow by:
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Identifying cash flow issues and determine your average cash position.
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Monitoring your financial habits to better predict your future cash flow and inform future spending decisions.
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Helping you understand your overall financial situation, identify opportunities to reduce costs or debts, and provide expert advice on your finances.
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Helping you monitor cash flow for retirement and understand how much money you need to achieve your dream retirement
LifeScope Wealth has experienced finance expert who can help you to identify your primary cash flow problem, and work with you to create actionable cash flow strategies to get you back on track to create a rewarding budget.
Ready to make the most of your money with a financial adviser and strategic cash flow management?
Effective debt management involves more than just considering the interest rates; it also requires evaluating the types of assets you're investing in and prioritizing debts. In our daily lives, we encounter two main categories of debt:
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Inefficient debt, and
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Efficient debt
What’s inefficient debt?
Inefficient debt is used to buy goods, services and assets that don’t generate any income. This means you need to rely on your own income sources and assets to repay this debt. Also, the interest cost on this type of debt is not tax deductible. Examples include home loans, credit cards and personal loans. This type of debt can impact other wealth building opportunities. Generally speaking, it is better to reduce this type of debt as quickly as possible and try to repay those charging the highest interest rate first. There are a number ways this can be done, such as consolidating your debts into the loan with the lowest interest rate.
What’s efficient debt?
Efficient debt is used to buy assets with the potential to grow in value and generate an income. They can benefit you in two ways:
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The income from the asset can be used to help repay the loan, and
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The interest cost may be tax deductible, helping to minimise any tax.
This type of loan is often used to help build long-term wealth. Examples include investment property loans, investment loans and business loans.
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Approach
For retirees, it’s essential to weigh your comfort level with taking on more debt versus focusing on eliminating it. Margin loans are for those who are ready to embrace a bit more risk. Remember, investment opportunity should be evaluated based on the strength of the underlying asset and its potential, not just its tax effectiveness. Let’s make informed decisions that pave the way for a prosperous future!
At LifeScope Wealth we have the expertise to help you manage your debt. Talk to us !
It’s not easy making the decision to place a loved one into care. Once you’ve made the call, it can be confusing to understand how it all works. It can also be quite a challenging and confronting issue, both emotionally and financially, especially when the decisions you make can affect your financial position and how long the money will last. Let’s start by looking at the options available.
Staying at home (community care)
If your parents only need minimal care, they may prefer to stay in their own home and get support when they need it. Support available can be:
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domestic help: housework, preparing meals and shopping
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personal care: bathing and dressing
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help with exercising and staying physically active
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transport to take them to and from appointments or social activities
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equipment to help them get around, such as a walking frame
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nursing care: changing wound dressings and taking their blood pressure
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counselling
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general home maintenance and modifications to their home to help them stay at home longer.
Visit the Department of Social Services website to find out more.
Retirement villages
These are designed as an alternative housing option for people over 55. They generally suit people who want to maintain a level of independence and enjoy the company of others in a community setting, but may prefer a level of security and support. Retirement villages are generally privately owned (they do not receive government funding) and often includes facilities such as:
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onsite management
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communal dining facilities
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organised social activities
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gyms, swimming pools and bowling greens.
Some villages have aged care facilities within the complex, which are regulated by government rules, and may be an easier transition when they need more help.
Aged care homes (residential care)
These homes may be suitable for people who are no longer able to live independently. Aged care homes provide help with day-to-day activities and health care. They can also provide a welcome source of company for some people. But your parents don’t have to live in an aged care home permanently—there is always the option for shorter stays. For example, an aged care home may be suitable for someone recovering from an illness, who can return home once they have recovered. Aged care homes are different to retirement villages that are independent private facilities typically without aged care support services. Aged care homes are owned by people who have been approved by the government to provide aged care. Anyone who would like to live in a residential aged care home will have to meet with a member of an Aged Care Assessment Team, who will help them work out the types of care and services they need. Your parents can have this assessment done in their own home if they wish.
Self-managed super funds (SMSFs) are a way of saving for retirement. SMSFs are one of the fastest growing sectors of the Australian super industry.
SMSFs give people full control of their own super fund, including all the legal and tax responsibilities associated with doing this.
Is a self-managed super fund right for you?
According to Association of Superannuation Funds Australia (ASFA), SMSFs may be the right choice for you if you:
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are very knowledgeable about finance and legal matters.
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have a lot of money in superannuation to make set up and yearly running costs worthwhile.
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have enough money for ongoing expenses including professional accounting, tax, audit, legal and financial advice.
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have a lot of spare time to research and check your super investments regularly.
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have a lot of spare time to manage the fund.
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have life insurance, including income protection and total and permanent disability cover.
What is an SMSF?
SMSFs are a legal tax structure with the sole purpose of providing for your retirement. SMSFs are regulated by the Australian Taxation Office (ATO).
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An SMSF can have up to 6 members.
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An SMSF is a trust structure and must have a trustee. There are two options: Corporate Trustee Structure or Individual Trustee Structure.
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Generally, SMSF trustees will use one central bank account to receive contributions and use that account to make investments.
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An SMSF must have a Trust Deed that sets out the governing of the SMSF.
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An Investment Strategy must be in place that states how you plan to invest the SMSF assets.
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A Binding Death Nomination will state who you would like you super benefits to be paid in the event of death.
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Annual tax return and audit must occur every year.
You can’t do it all yourself
Despite some people calling SMSFs ‘do it yourself super’ or ‘DIY funds’ you will have to work with some other people to meet your obligations.
You will need an independent self-managed super fund auditor who is registered with ASIC to complete your fund’s audit each year.
In some circumstances, you will need a qualified actuary to provide you with an actuarial certificate.
Each year, you need to value your assets at market value. In some circumstances, you will need an independent valuer who is qualified to do this; for example, to value artwork.
You may also work with:
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An administrator who will manage most of the day-to-day running of the SMSF. The legal and tax responsibilities are still yours even if you use an administrator.
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An Accountant to prepare financial accounts, statements and tax returns.
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A Financial Adviser for investment and estate planning advice.
How we can help
The team at Artisan Financial Services can assist you with the investment and estate planning strategies for your SMSF.
We will recommend an investment strategy that is in line with your risk profile and incorporates your ideas about investing within your SMSF. We make the recommendations. You make the decisions.
SMSFs and Estate Planning is a complex area, but with our experience we will help to make sure your money goes to the right people at the right time.
What will your SMSF cost?
The costs of setting up and running an SMSF vary depending on, among other things, your circumstances, super balance, investment strategy and how you choose to manage your fund. The more complex you make it, the more it is likely to cost.
To discuss your SMSF needs please contact one of our qualified Financial Advisers at