The maximum Superannuation Concessional Component has dropped to $25,000. Included in this amount is your employer’s 9.50% (SG).
Personal Contributions are now tax deductible for PAYG employees through their tax return.
The intention of the new super rules are to spread the contribution to super over a lifetime rather than see it as a tax haven as you get closer to retirement.
Superannuation is the cornerstone of retirement income for most Australians.
Your Tax Refund could be very effective to pay down your home loan faster or put back into your Super as a non-concessional contribution. Superannuation is not a particular investment but a tax structure that enables people to take advantage of a tax effective form of long-term saving and investing. Failure to build up a big enough nest egg has made retirement a prison for many people instead of the long anticipated freedom due mainly to a lack of planning.
SUPERANNUATION CONSOLIDATION
Superannuation is an excellent area to create your long term savings. On average each Australian holds 3 Super accounts. Consolidating them into a single account will help to save money in fees, reduce paperwork and make it easier to keep account.
SUPERANNUATION VEHICLES
Superannuation is usually your largest investment asset and we can work with you to optimise it, which can involve the following vehicles:
- Self Managed Super Fund (SMSF)
- Wholesale Master trust
- Wrap Platforms
- Industry Super funds
- Retail Super Funds
ADVICE BETWEEN THE FLAGS
