Liam Shorte

myob.com.au — Theoretically, how much money you need in retirement depends on how long you live. Although there is no such crystal ball for this, we know that improved healthcare and economy has resulted in people living longer than their parents' generation. When budgeting for retirement, try to go for the maximum life expectancy. Men can expect to live up to 86, women to age 90. This means if you retire at 60, you need to fund your living expenses for at least 26 to 30 years, if not more. Also, look at your lifestyle and medical history as well as your family's life expectancy and medical history.

myob.com.au — Theoretically, how much money you need in retirement depends on how long you live. Although there is no such crystal ball for this, we know that improved healthcare and economy has resulted in people living longer than their parents' generation. When budgeting for retirement, try to go for the maximum life expectancy. Men can expect to live up to 86, women to age 90. This means if you retire at 60, you need to fund your living expenses for at least 26 to 30 years, if not more. Also, look at your lifestyle and medical history as well as your family's life expectancy and medical history.

myob.com.au — Let me start by painting a typical scenario I faced recently. A couple wanted to buy an investment property. Their mortgage broker advised them that they were on the margin of getting the loan but needed to show more assets. He suggested they update the information and values of their numerous superannuation funds and to see me for help. The clients decided they can do it themselves and save some money, which is fine by me, as I like clients to take ownership and be proactive. I pointed them in the way of www.unclaimedsuper.com.au and www.ato.gov.au/superseeker, which are two sites helpful in tracing lost super.

myob.com.au — Are you a punter or a professional gambler? With the Melbourne Cup in the news, I thought it was an opportune time to address the differences between the two. In small business terms, the difference becomes very clear and is often highlighted in the number of businesses that do not survive long term. As a small business owner or entrepreneur, you are a gambler by the very nature of the fact that you have taken on the risk of starting and building your own business rather than working for someone else.

www.smh.com.au — Legislation passed through parliament on Thursday that followed through on a promise by "the world's greatest treasurer" Wayne Swan that government bonds will be listed for the retail market (I nearly said the ASX but now we have to be generic as we have Chi-X as well). The Treasurer took his time getting the legislation together but now we have it in place. We have not had a developed retail bond market in this country and the need had been suggested frequently, but with low interest rates worldwide in the 2000s nobody was in a rush to promote it beyond the discussion stage.

myob.com.au — As a business owner, you need to leverage off all the relationships you build as your business develops. You therefore need to make smart choices between service providers to your business and advisors who go that step further to help your business grow by adding their expertise and experience. Many successful businesses have an advisory board to guide them in areas where they know they have weaknesses. However, many entrepreneurs need advice, but feel that they can't ask for help since they're "in charge", so I need to start from a more basic position.

myob.com.au — Jim & Lauren came to see me last year as their niche equipment supply business, run from their home and a small industrial storage unit, had done very well and now needed larger premises with warehouse and office space to cope with expansion. They certainly came across as the new breed of modern entrepreneurs, thinking a few steps ahead all the time rather than reacting to opportunities as they arise. They were looking at alternatives to using up all the equity in their business or home, as they expected to need funds to expand in the coming years.

www.macrobusiness.com.au — In November 2011, a draft tax ruling (TR2011/D3) by the ATO caused concern among Self Managed Superannuation Fund trustees and property investors in particular. The ruling suggested that the pension tax exemption ceases automatically upon death (unless a reversionary pension was in place). Under those proposed rules, if an SMSF member died with any assets, including a property, carrying large unrealised capital gains, even if the deceased were receiving a pension, upon death the pension would revert to accumulation and the tax free status would cease (without an auto-reversionary pension).