Year End Tips for SMSF Pt2 – Super Tax planning

Employees – limited chances to boost super by 30 June (need to write to employer and request to salary sacrifice this month) as you can only sacrifice future salary, not past.

Not working or self employed – make a tax-deductible contribution, but must be in the fund by 30 June to deduct this financial year. You need to earn less than 10% of your income from employment to get the deduction.

65 YO – if you can show you have worked 40 hours in a 30-day period in the year, you can also contribute

Co-Contribution – pay some after tax money to your super fund or SMSF, and lower and middle income earners will have the government match it up to $1000 on $31,920 pa income. The amount reduces by 3.33c for each dollar earned in excess of this, and cits out completely on $61,920 pa.

The benefits of money in super is the reduced tax – 15% against your marginal rate. To have $1000 after tax, at 46.5% you need to earn $1870 pre-tax. If you sacrifice and send it to super, after tax there would be $1590. Nearly 60% better of!

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Self-Managed Superannuation Service Providers in Australia. SuperBenefit will SET UP your SMSF and provide investment education for a better result. We take care of all your administration, accounting, ATO lodgement and audit of SMSFs, working with you and your advisors. If you want advice we can arrange one of our recommended advisors and accountants to meet with you, as we do not give advice, but take instruction only. Take control of your super, including property shares and other assets. Learn how to be your own advisor - make better decisions - by being mentored and coached to invest your own super wisely and strategically by qualified partners. Book to come to an event to find out more, or - Call us 0407 361 596, no obligation FREE strategy call.
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