Government Co-Contributions - Let the government boost your savings
The strategy in a nutshell
If your salary is less than a specified amount, and you make personal contributions to your superannuation account any time before the end of the financial year, the Government will match your non-concessional contributions on a one-to-one basis by up to $1,000
Using this strategy you can generate a 100%, tax-free return on your investment within one year. In addition, this money is invested within super, which is a concessionally taxed vehicle
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Offset Capital Gains Tax...and reduce your tax
The strategy in a nutshell
By making a deductible contribution to superannuation, you can reduce your taxable income and therefore reduce your personal income tax liability. You may also be able to offset any personal income tax that would have been payable on any capital gains you made during the year.
If you’ve sold an asset during the year and realised a significant capital gain, by making a deductible contribution to super, you may be able to offset any personal income tax that would have been payable on that capital gain.
Complying super funds are concessionally taxed at a maximum of 15 per cent. Placing your money into super can increase the level of savings you’ll have in retirement.
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Prepay Interest...and reduce your tax
The strategy in a nutshell
Claim a tax deduction and save this year. Prepay the interest on your investment loan now for the next 12 months and you may be able to claim a tax deduction for that interest in your current year’s income tax return.
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Salary Sacrifice - Increase super and reduce tax
The strategy in a nutshell
Salary sacrificing involves sacrificing part of the cash salary from your employer for the provision of other benefits, such as additional super contributions. In order to be effective, a salary packaging arrangement can only be prospective, i.e. you can only effectively sacrifice salary you haven’t yet earned. This means the lead up to 30 June is an appropriate time to review salary packaging opportunities.
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Spouse Super Contributions - Increase their super and reduce your tax
The Strategy in a nutshell
You can receive a tax rebate for making a contribution to your spouse’s super fund if their assessable income (including reportable fringe benefits and reportable employer super contributions) is less than $13,800. You can make a direct saving against your income tax liability as this is a tax offset.
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Last Chance To Boost Your Super
The strategy in a nutshell
Super is one of the most tax-effective means to save for your retirement. If you’re fast approaching age 65 and you aim to retire comfortably, you should take action soon to boost your retirement nest egg.
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Your $50,000 Super Contribution: Use it or lose it
The Strategy in a nutshell
Super is still one of the most tax-effective means to save for your retirement. If you’re over 50 and you aim to retire comfortably, you should take action soon to boost your retirement nest egg.
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*The information contained on this website is general in nature and does not take into account your personal circumstances, financial needs or objectives. Before acting on any information, you should consider the appropriateness of it and the relevant product having regard to your objectives, financial situation and needs. In particular, you should seek the appropriate financial advice and read the relevant Product Disclosure Statement or other offer document prior to acquiring any financial product.
