When most people think about estate planning, they think about a will.
A will is important. It determines what happens to your assets when you pass away. But in over 30 years of advising pharmacy owners and their families, I’ve seen time and again that a will, on its own, is not enough.
Estate planning is not only about what happens after death. It is also about managing important changes that can happen while you are still living.
What Division 296 means for your retirement savings
Changes to Australia’s superannuation tax rules are now law and, while they don’t affect everyone, they could have a meaningful impact on those with larger super balances. From 1 July 2026, the introduction of Division 296 means higher taxes will apply to earnings on superannuation balances above a set threshold. With plenty of commentary – and confusion – around what this change means, it’s important to understand who is affected, how the tax works, and whether it could influence your long-term retirement planning.
A surprising challenge as we age
For many of us, proving who we are is something we rarely think about. We open bank accounts, pay bills and manage our finances without question. But as we age, particularly if health or mobility declines, something that once felt simple can become unexpectedly difficult.
We are now less than six months away from the introduction of Payday Super. It is important that employers understand this change and take the necessary steps to ensure they are compliant no later than 1 July 2026. Early adoption is strongly encouraged.
What is Payday Super?
Payday Super is a new requirement introduced by the Australian Government. From 1 July 2026, employers must pay superannuation guarantee (SG) contributions at the same time they pay employees’ salary and wages, instead of quarterly.
Buying a pharmacy is a big decision at any stage of your career. Whether you’re stepping into ownership for the first time or adding to your portfolio, the process involves more than assessing profitability or negotiating price. It’s about understanding how the business operates and how you can add value.
