Top 3 super tips to save at tax time
With the end of financial year approaching, it’s time to consider the areas to maximize savings and financial opportunities to help grow your super. We’ve compiled our top three ways to benefit before June 30…
3 tips to consider that could help you save on tax and fees:
- 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% (or 30% if you earn more than $300,000 a year) 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.
Talk to us today on 03 9589 7789