• Facebook Social Icon
  • LinkedIn Social Icon

Leslie Wigginton, Lindsay Richardson and Kristy Mitchell RFPCQ Pty Ltd ABN 67 122 988 916, RFPNQ Pty Ltd 69 101 628 755, , RFPLW Pty Ltd 61 123 530 245 trading as Regional Financial Planning and Mining Insurance Services Pty Ltd ABN 76 151 091 879 Authorised Representatives of Apogee Financial Planning Limited ABN 28 056 426 932, Australian Financial Services Licensee, 105-153 Miller Street North Sydney NSW 2060.

Search

More Super - Less Tax

The end of the financial year is fast approaching – and this year, there’s a new way to help you save on tax while boosting your super.

By making an after-tax contribution to your superannuation before the end of the financial year, you could boost your retirement savings for the future – and claim a tax deduction now.¹

In the past, this strategy was only available to the self-employed and those earning less than 10% of their income as an employee. But since 1 July 2017, this strategy is also available to employees.


Here’s what you need to know:

Benefit today – and tomorrow

If you make super contributions from your after-tax income or savings, you may be able to claim them as a tax deduction and reduce your taxable income, while boosting your super.

The contribution will then be taxed in your super fund, generally at the concessional rate of up to 15% (or up to 30% for higher income earners). This is instead of paying tax at your marginal tax rate, which could be up to 47% (including the Medicare levy).

Depending on your circumstances, this strategy could result in a tax saving of up to 32% – and help you retire with more.




1 view