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!

About SuperBenefitnews

Self-Managed Superannuation Service Providers in Australia. SuperBenefit provides a wholistic SMSF assistance, education and administration service continuum - 1. “assistance” is help of whatsoever nature where our overall SMSF experience and knowledge enables us to provide assistance/help without any legal (or “license”) limitations. 2. “education” involves providing knowledge through teaching, coaching and mentoring about all matters SMSF, including (but not limited to) investment issues such as equities and property, 3. “administration” encompasses all admin aspects of legally required SMSF trustee and member record keeping including (but not limited to) audit and ATO matters. In keeping with our key point that SuperBenefit does not provide Financial Advice, where issues arise from 1, 2, and/or 3 above Indicate a need for a legally authorized provider (such as a Financial Adviser) and the client does not have their own service provider, the client can utilize SuperBenefit’s ‘Connect Assist’ … SuperBenefit, in itself, does not provide Financial Advice, but it does provide the wherewithal for great SMSF service. WE do not provide Financial Advice or any other service that requires a legally authorized provider. However, where such advice or service is required we have our ‘Connect Assist’, a SuperBenefit resource we use to connect clients to a Licensed Advisor or other legally authorised service provider. Call us 0407 361 596, no obligation FREE Connection call to see how we can help you!
This entry was posted in SMSF Info, News & Stats. Bookmark the permalink.

Write your thoughts...

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.