Here are six SUPER contribution tips you need to get your head around, before the 2015/16 financial year end, from our experts in the field – CXC Financial Partners.
Tip # 1
You might consider making a non concessional or after tax contribution to your Superannuation. The good news with this type of contribution is that earnings will be taxed at a maximum of 15%.
If you invest outside of Super, earnings are taxed at your marginal tax rate – as high as 49%!
Tip #2
If you are self-employed you may like to make Concessional Contributions to Superannuation before 30 June 2016. The full amount may be tax deductible.
Tip #3
Consider salary sacrificing your June pay to Superannuation to utilise your concessional contribution caps.
Alternatively, set-up a salary sacrifice arrangement now for the 16/17 financial year in case the annual limits reduce on 1 July 17.
Tip #4
If you earn less than the threshold you may be entitled to a Government co-contribution of up to $500 if you make an after-tax contribution to your Super.
Tip #5
If you make an after-tax contribution of up to $3,000 to your spouse’s Super by 30 June 2016, you could receive a tax offset of up to $540. You need to ensure your spouse’s income is below the maximum!
As with any of these Superannuation tips – be sure to remain within your contribution caps to avoid excess tax or penalties!
Tip #6
Pre-pay your income protection insurance premiums for up to 12 months. This can allow you to bring forward a tax deduction from next year.
If you’d like to speak with a qualified financial adviser or accountant please contact CXC Financial Partners on 1300 925 081 or via email at info@cxcfp.com.au.
At CXC Financial Partners, we bring together all your financial experts under the one roof. It’s a truly holistic approach, where your financial planner, accountant, mortgage broker, investment and property advisors actually meet face-to-face to focus on just one thing – your unique financial goals. Each brings their own expertise, while together they are accountable for executing an integrated plan to supercharge your financial well-being.
Disclaimer
The above is not to be construed as personal financial advice, taxation advice, a recommendation or an offer or invitation to buy, sell or hold a financial product. It is for general informational purposes only. We recommend that you seek personalised advice from a qualified Financial Planner.
