For many Australians, the middle years of their working life are often their strongest earning years. Promotions, career progression, business growth and increased experience can all contribute to a higher income than ever before.
The challenge is that as income rises, spending often follows.
A bigger home, newer car, additional subscriptions, upgraded holidays and more frequent dining out can quietly absorb what would otherwise be a valuable opportunity to strengthen your financial future.
This is known as lifestyle creep, and it's something we see regularly.
While enjoying the rewards of your hard work is important, being intentional with income growth can create opportunities that may not be
available later in life.
Your peak earning years are often when you have the greatest capacity to build wealth.
Additional savings, investment contributions and debt reduction strategies implemented today can have decades to grow and compound, potentially creating a significant difference to your long-term financial position.
Even relatively small changes can have a powerful impact over time.
Many of the financial outcomes we achieve are the result of consistent habits rather than dramatic changes.
Being intentional about how additional income is used today can help create greater freedom, flexibility and opportunity tomorrow.
If you're in your peak earning years and want to make sure your financial strategy is working towards your long-term goals, the SBS team can help you review your options and develop a plan that supports the future you want to create.
Making the most of your peak earning years starts with having a plan. Our team can help you create a strategy that supports your goals today and the lifestyle you want tomorrow.
Falling behind on your BAS lodgements looks like an administrative problem. Left long enough, it becomes an expensive one, because the GST you collected stays payable indefinitely while the GST credits you are owed disappear after four years. Here is what that looks like in dollars.
With negative gearing now quarantined for established dwellings, new house and land has become the sensible play for investors — but there is a trap in the first eighteen months. Interest on the land is denied, while interest on the construction is not. If the bank has written one loan, someone has to do the sums. Here is why it pays to split the loan before you sign.
When the draft legislation for the trust minimum tax was released, it came with a reassurance: if you do not want to restructure, you can simply make an election instead — no restructure, and no state stamp duty. That is accurate, but it is also a very small part of the decision. Here is why you should choose your structure for the eventual sale of your business, not for the announcement.
