Business-Advice-Support

If you’re self-employed you could make an after-tax contribution to your super and claim it as a tax deduction. You or your business may be able to claim up to $30,000 for contributions to your superannuation fund ($35,000 if you’re 50 or older). You’ll need to fill in a notice of intent form before submitting your tax return―and make the contribution before 30 June. But be aware of the contribution limits otherwise you’ll pay extra tax. It’s a simple way to reduce your tax this year and build wealth for later on.

Top up your super

By topping up your superannuation with some of your pre-tax salary you could reduce the amount of tax you pay this financial year. You can contribute up to $30,000 of your pre-tax salary to super this financial year (including your employer’s contributions) and have those contributions taxed at 15% instead of your personal income tax rate which is usually higher. If you are 49 and over, you can contribute up to $35,000 of your pre-tax salary to super this financial year (including your employer’s contributions) and have those contributions taxed at 15% instead of your personal income tax rate which is usually higher.

Give something extra to your partner

If you have a partner who isn’t working or is earning less than $10,800 this financial year, you may be able to claim an 18% tax offset on the first $3,000 of after-tax contributions you contribute to their super account.

Bring your super together

Having more than one super account means that you could be losing money by paying multiple sets of fees. A way you could avoid this is by consolidating your super. Speaking to an expert can help determine whether these strategies are right for you.

Lump sum investment

Do you need to boost your super in the lead up to retirement? You may be able to make an after-tax contribution to your super of up to $180,000 (or more using the bring-forward rule) before 30 June 2015. If you’re aged 65 or older you’ll need to meet the work test before contributing a lump sum so be sure to seek advice first.

Bring forward expenses, delay income – re-consider this year!

You may be able to pre-pay expenses such as income protection insurance and deductible loan interest in advance and claim the payments as a tax deduction in the current financial year.

Finally

Don’t leave your super contribution until the last minute! Every June sees a huge influx of contributions & financial transactions as Australians get ready for tax time. Talk to your advisr & get in early!

 

*This information is general only. Please consult your financial planner to take into account your individual needs.

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