Smart End Of Financial Year Super Strategies
Smart End Of Financial Year Super Strategies
With the end of the financial year, it is a great time to build and protect your wealth in a tax-effective manner. Deciding on your financial year super strategies there are a number of things you can do after 30 June too.
We have outlined SIX super strategies to create tax advantages for this financial year and beyond. Each of these strategies has the potential to make a difference to your financial future.
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Get more from your salary sacrifice bonus
If you are an employee you may want to sacrifice your pre-tax salary or bonus into super rather than receive it as cash. That way you can reduce tax on your salary or bonus and take advantage of the contribution cap that can apply.
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Make tax deductable super contributions
If you are self-employed you may want to invest in super and claim your contribution as a tax deduction.
You can use the deduction to offset taxable income and save on tax and take advantage of the contribution caps.
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Make the most of an Employment Termination Payment (ETP)
If you are eligible for a redundancy or other termination payment on leaving your employer, you may want to make a contribution into superannuation so you can build your retirement nest egg.
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Get a super top up from the Government
If you earn up to certain thresholds you may want to make a personal after-tax super contribution so you can qualify for a Government co-contribution and increase your retirement savings.
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Boost your partner’s super and reduce your tax
If you have a spouse who earns under a certain amount you may want to make an after-tax super contribution on their behalf. That way you can receive a tax offset and increase your spouse’s retirement savings.
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Pay less tax on investment earnings
If you have an investment in your own name you may want to cash out the investment and use the money to make a personal after-tax super contribution. That way you can reduce tax on investment earnings and increase your retirement savings.
Please get in touch with one of our qualified tax accountants to understand what might be best suited to your situation.
