With the end of financial year fast approaching now is a good opportunity to review your super savings with Country Wide Wealth. More and more people are finding that a conversation with an expert today can help them build for a better lifestyle tomorrow – with the added potential of saving on tax this financial year.
4 tips to consider that could help you save on tax and fees:
1. Top up your super
By topping up your superannuation with some of your pre-tax salary you could reduce the amount of tax you pay this financial year. You can contribute up to $30,000 of your pre-tax salary ( or if you are 49 and over, you can contribute up to $35,000 of your pre-tax salary) to super this financial year (including your employer’s contributions) and have those contributions taxed at 15% instead of your personal income tax rate which is usually higher.
2. Give something extra to your partner
If you have a partner who isn’t working or is earning less than $10,800 this financial year, you may be able to claim an 18% tax offset on the first $3,000 of after-tax contributions you contribute to their super account.
3. Get the Government Co-contribution
If you earn less than $49,488 per year (before tax) and make after-tax super contributions, you are eligible to get matching contributions from the government. This is called the government co-contribution.
If you earn less than $34,488 the maximum co-contribution is $500 based on $0.50 from the government for every $1 you contribute. And just like that – you’ve made a 50% return on your money! The amount of the co-contribution reduces the more you earn.
This is perfect for the part-time, casual worker and possibly even your kids working after school.
4. Bring your super together
Having more than one super account means that you could be losing money by paying multiple sets of fees. A way you could avoid this is by consolidating your super. Speaking to an expert can help determine whether these strategies are right for you.
Speak with us today so we can help determine whether these strategies are right for you.