With June 30 fast approaching, it’s time to start thinking about your super for another year. We’ve put together five smart strategies that may benefit you now, and help boost your super.
1. Add to your super and get a tax deduction
This may be right if you …
Are employed, self-employed or earn taxable income from other sources (such as investments).
How to use this strategy
Make an after-tax super contribution and claim a tax deduction
The benefits may include
Pay less tax on your income
Increase your retirement savings
2. Get more from your salary or bonus
This may be right if you …
Are an employee
How to use this strategy
Arrange for your employer to contribute some of your pre-tax salary or a bonus into super, as part of a salary sacrifice agreement
The benefits may include
Pay less tax on your salary or bonus
Increase your retirement savings
3. Convert your savings into super savings
This may be right if you …
Have money outside your super that you’d like to invest for retirement
How to use this strategy
Make an after-tax super contribution
The benefits may include
Pay less tax on investment earnings
Increase your retirement savings
4. Get a super top-up from the Government
This may be right if you …
Earn* less than $56,113 pa from your job or business
How to use this strategy
Make an after-tax super contribution
The benefits may include
Receive a Government co-contribution of up to $500
Increase your retirement savings
5. Boost your spouse’s super and reduce your tax
This may be right if you …
Have a spouse who earns* less than $40,000 pa
How to use this strategy
Make an after-tax contribution into your spouse’s super account
The benefits may includeReceive a tax offset of up to $540
Increase your spouse’s retirement savings
Concessional Contributions
You may be eligible to make concessional contributions that are greater than the annual cap if you haven’t fully used your concessional cap in an earlier year. This could help you to save even more for retirement, while also managing tax.
To be eligible to make catch up CCs you need to:
- have a total ‘total super balance’3 at the 30 June prior less than $500,000, and
- be eligible to make super contributions. You are eligible if under age 67. If you’re 67 or older, you need to have met the work test in the financial year you’re making the contribution or be eligible for the work test exemption.
Personal Deductible Contributions
You may be eligible to claim a tax deduction if you make a personal contribution to superannuation. There are some important steps you need to follow carefully and specific timeframes to take action.
* Includes assessable income, reportable fringe benefits and reportable employer super contributions. Other eligibility conditions apply.