Clever Year End Super Strategies

Learn how you can maximise the opportunities available to you this tax season.

Superannuation is still one of the best ways to build wealth and save for your retirement.  One of the main reasons is you only have to pay a maximum tax rate of 15% on investment earnings.  However, in the lead up to the end of the financial year contribution to super can be even more rewarding.

The table below outlines seven year-end strategies that can be very tax effective if used properly. 

Strategy	Suitable if	Potential Benefits
1. Boost savings and save via salary sacrifice	- You’re likely to receive a bonus from your employer	- Pay less income tax - Pay less income tax
2. Top-up your super with help from the Government	- You are a low income employee	- Qualify for a Government co contribution of up to $1500 - Receive tax-free benefits when you retire
3. Contribute for your spouse and save tax	- Your spouse has a low income	- Receive a tax offset of up to $540 - Maximise the benefits of super as a couple
4. Maximise tax-deductible super contributions	- You’re eligible to make tax-deductible super contributions	- Pay less income tax  - Build and protect wealth outside your business (if applicable)
5. Contribute to super and offset capital gains tax	- You make a capital gain on the sale of an asset this financial year and are eligible to make tax-deductible super contributions	- Save on capital gains tax - Make a large after-tax investment
6. Purchase life at TPD insurance tax effectively	- You’re eligible to salary sacrifice into super - You’re eligible to receive co contributions - Your spouse has a low income, or - You’re self employed	- Save on premiums - Purchase more on insurance
7. Delay withdrawing super benefits to save lump sum tax.	- You are over 55 and want to cash-out or recontribute to your super	- Save lump sum tax - Make a larger after-tax investment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

If you want to know more detail about any of the strategies listed above please don’t hesitate to contact your Client Services Manager on 1300 132 532.

Disclaimer:  This publication contains general information and has been prepared by Financial Partnerships Group 78 107 280 544 without taking into account any persons particular investment objectives, financial situation or individual needs.  It should not be relied upon as a substitute for financial or other specialist advice.  Before making any investment decisions on the basis of this publication, persons should consider, with or without advice, the appropriateness of the contents of this publication in light of their particular investment objectives, financial situation or individual needs.  Opinions expressed constitute our judgement at the time of issue and are subject to change.  This publication is based on information considered to be reliable. Neither Financial Partnerships Group or any of the National group of companies, nor their employees or directors give any warranty of accuracy, nor accept any responsibility for errors or omissions in the publication.  It has been published solely as an information service only without assuming a duty of care.

AUTHORISED REPRESENTATIVES OF GODFREY PEMBROKE LIMITED ABN 23 002 336 254
AUSTRALIAN FINANCIAL SERVICES LICENSEE
AND INSURANCE BROKER

A member of the National group of companies Financial Partnerships Group Pty Ltd ABN 78107280544, are authorised Representatives of Godfrey Pembroke Limited, registered office, 105-153 Miller Street, North Sydney, NSW 2060