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Superannuation Tax Tips

Here are just a few Tax Tips for those looking to retire sooner. Once again we recommend that you contact us to find out about all of the Superannuation Tax breaks you may be eligible for or contact one of our financial planning partners to help you plan out your retirement.

Salary Sacrificed Superannuation Payments

Superannuation can also be salary sacrificed. You can salary sacrifice up to a cap of 30,000 dollars of your income per year to your Superannuation if aged under 60 and $35,000 for taxpayers if aged 60 and over. Remember that employer contributions count towards your cap and penalties apply if you exceed it.

If you are being taxed at the maximum rate of 46.5% this will bring your tax rate down to 15% saving you a considerable amount of money.

Government Matched Superannuation Contributions

If your current after tax income is less than $35,454 dollars per annum and you contribute to your own Superannuation the Government will match your contribution at a rate of 50 cents for each dollar contributed up to a limit of $500.00. Lower rates apply if your income exceeds the threshold and stops when your income reaches $48,516.

Spouse Super Contribution Rebate

If a spouse has earned less than $10,800 dollars in the past financial year then the other spouse can contribute up to $3000 dollars into their spouses superannuation fund and receive a rebate up to $540 dollars. The rebate tapers off and disappears when the spouses income reaches $13,800.

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We have professionals that specialise in a wide range of services including, accounting, corporate services, business advice, tax advice, SMSF & tax planning. Contact us today