SMART SUPER STRATEGIES FOR THIS EOFY 2018/2019

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With June 30 fast approaching, it’s time to start thinking about your super for another year. We’ve put together five smart strategies that may benefit you now, and help boost your super.


STRATEGY ONE - ADD TO YOUR SUPER AND GET A TAX DEDUCTION


This may be right if you…

Are employed, self-employed or earn taxable income from other sources (such as investments).

How to use this strategy…

Make an after-tax super contribution and claim a tax deduction.

The benefits may include…

  • Pay less tax on your income.

  • Increase your retirement savings.


STRATEGY TWO - GET MORE FROM YOUR SALARY OR BONUS


This may be right if you…

Are an employee

How to use this strategy…

Arrange for your employer to contribute some of your pre-tax salary or a bonus into super, as part of a salary sacrifice agreement.

The benefits may include…

  • Pay less tax on your salary or bonus

  • Increase your retirement savings


STRATEGY THREE - CONVERT YOUR SAVINGS INTO SUPER STRATEGIES


This may be right if you…

Have money outside your super that you’d like to invest for retirement.

How to use this strategy…

Make an after-tax super contribution.

The benefits may include…

  • Pay less tax on investment earnings

  • Increase your retirement savings.


STRATEGY FOUR - GET A SUPER TOP-UP FROM THE GOVERNMENT


This may be right if you…

Earn* less than $52,697 pa from your job or business .

How to use this strategy…

Make an after-tax super contribution

The benefits may include…

  • Receive a Government co-contribution of up to $500

  • Increase your retirement savings.


STRATEGY FIVE - BOOST YOUR SPOUSE’S SUPER AND REDUCE YOUR TAX


This may be right if you…

Have a spouse who earns* less than $40,000 pa.

How to use this strategy…

Make an after-tax contribution into your spouse’s super account .

The benefits may include…

  • Receive a tax offset of up to $540

  • Increase your spouse’s retirement savings .

To use any of these strategies you’ll need to meet certain conditions. A financial adviser can assess your eligibility and help you decide which strategies are appropriate for you.

SOURCE: https://www.mlc.com.au/content/dam/mlcsecure/adviser/resources/pdf/smart-super-strategies-flyer-wl.pdf

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