By the time we reach our forties, our incomes from employment have usually increased along with our expertise.  On the expense side, however, our financial commitments generally reach a peak at this time and may even exceed our disposable income from employment.  Major expenses are typically child care expenses, education expenses as our children enter secondary school, mortgage payments on home loans and general household expenses.  It is important that we have made appropriate plans to meet these expenses and any shortfall.

These plans should involve:

• Ensuring that our financial affairs are structured tax efficiently
• Minimising any non-deductible interest payments
• Ensuring that our salaries are packaged tax efficiently
• Ensuring we have adequate investment income to meet any shortfall from employment
• Taking advantage of any opportunities to split income tax effectively
• Ensuring that your superannuation and investment strategies remain appropriate for the current economic cycle and remain appropriate to your wealth creation aspirations
• Ensuring that your family is protected in the event of death and that your assets pass to your intended beneficiaries in a tax- efficient and timely manner.