The end of the financial year is almost here, which means it’s time to get smart with your super. There are a lot of different super strategies, so we’re here to help you find the ones that are appropriate for you – today, and further down the track.
Boost your super while saving on tax
You might be able to claim after-tax super contributions as a tax deduction this financial year, even if you earn more than 10% of your income from salary or wages. This new opportunity to boost your super may be a smart option if:
- Your employer doesn’t offer salary sacrifice
- Salary sacrifice is available, but it reduces other benefits
- You’re already salary sacrificing and you also want to make concessionally taxed super contributions from your after-tax pay or savings.
Like salary sacrifice and super guarantee contributions, personal deductible super contributions are taxed at 15%, or 30% for higher income earners. They also count towards the concessional contribution cap (which is $25,000 in FY2017/18), and penalties may apply if you exceed the cap.
Read the attached guide for further information Making_tax_deductible_super_contribution_guide
This is just one of your options
To find out if this strategy is right for you, give us a call on 08 8842 2648 before 30 June. We’ll also talk you through some other strategies that may help you achieve a better lifestyle in retirement.