BUILDING YOUR RETIREMENT FUND
Superannuation represents one of the key areas you should work on to build your wealth for retirement.
Consider your Investment Strategies in Retirement.
We show you below some of the ideas to be considered that can help to boost your superannuation balances and therefore your retirement income.
Get More From Your Salary Or Bonus
If you are an employee, and are paying high levels of marginal tax, have you thought about salary sacrificing? You could sacrifice part of your pre-tax salary with your employer assisting you with the mechanics or if you receive annual bonuses, before the bonuses are received you can arrange with your employer to deposit this to superannuation. Remember this only works if you’re paying a decent amount of tax each year and your employer, or you, have contributed less than the maximum allowed under the concessional contribution limits.
Make Tax Deductible Super Contributions
If you’re self-employed or don’t work, you won’t get super from an employer – but that doesn’t mean you can’t contribute yourself. And if you do, you may be able to claim your contribution as a tax deduction. These will count towards your annual concessional contribution limits.
Make After-tax Contributions
If you have investments in your own name, either something you’ve built up yourself or you’ve received as part of an estate distribution, speak to us and we will advise you on contributing this to superannuation and take advantage of the lower taxation environment it offers. It may be that you won’t need to sell the investment as these can often be transferred in species (in other words as is). These types of contributions were called non- concessional contributions and have a limit of their own of $100,000 per annum.
Manage Your Capital Gains Tax Through Super
If you’re planning on selling an asset – say, a property or shares – and you make a capital gain, you might want to consider investing some or all of the sale proceeds into your super.
This way, you may be able to claim some or all of the contribution as a tax deduction to reduce the assessable capital gain and the amount of tax you have to pay.
Get The Government To Chip In
Under certain circumstances with low income earners the government will chip in up to $500 to your superannuation.
Boost Your Partner’s Super – And Reduce Your Tax
If your spouse is a low income earner consider making an after-tax contribution into their super account. Not only will they have a bit more cash put away for life after work, but you may receive a generous tax offset of up to $540.
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