Super Contributions before end of financial year
13 May 2020
Have you considered options to top up your super fund prior to 30 June?
Superannuation does impose restrictions on access to your money as it is intended to provide for your retirement. So why would you lock up more of your money?
Because superannuation remains one of the most tax-favoured environments to build wealth with a maximum tax rate of 15%.
Not only will contributing to super help to boost your retirement savings, you could also be reducing tax payable on your income, helping to cover some of your insurance premium costs and getting a bonus top-up payment from the government.
Concessional contributions
- You no longer need to be self-employed to claim your contributions as a tax deduction (up to certain limits)
- Making a spouse contribution may entitle you to a tax offset up to $540 (depending on your spouse’s income and age)
- Setting up a salary sacrifice arrangement through your employer can help to boost your retirement savings throughout the year at the same time as reducing tax payable on your income
Personal contributions
- Making a personal contribution not only boosts your tax-free savings for retirement, you may be eligible for the government co-contribution up to $500 (depending on your income)
- If you are nearing retirement, there may be advantages in boosting your super to create a tax-free income stream. You may be eligible to bring-forward 3 years of contributions.
Considering the immediate tax incentives of contributing to super and the ability to access the funds tax-free after age 60 and long term investment rates of return typically being higher than mortgage rates it’s a good idea to consider contributing more to super.
Call us on 1300 204 781
today to see if the above options will work for you.
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