At this stage of our lives, we usually reach a peak in our income. Education expenses for children may now have diminished as they have completed secondary education and you may now face the choice of whether to fund their tertiary education expenses or rely on the government education funding scheme. You may also be contemplating your retirement and be very focused on the adequacy of your superannuation and other investments.

Planning for this stage in life generally focuses around:

• Implementing sound tax-effective measures suitable to your particular circumstance to maximise your overall financial resources to maintain your desired lifestyle in retirement.
• Planning for a desired reduction in working hours and supplementing the reduced level of income with other sources of income.
• Maximising your retirement savings plans and perhaps utilising the equity in your home for investment purposes.
• Ensuring that your financial affairs are in order to allow for the tax-effective and timely passing of wealth to a surviving spouse or your children.

If you are a business owner, your business may form a large part of your retirement plan. Careful planning and structuring of the ownership of the business is vital to ensure that you have the greatest likelihood of taking advantage of the Small Business Capital Gains Tax Concessions that may be available to you.