social security AND TAX
MAKE TAX-DEDUCTIBLE SUPER CONTRIBUTIONS
By making a personal super contribution and claiming the amount as a tax deduction, you may be able to pay less tax and invest more in super. If you make a personal super contribution, you may be able to claim the contribution as a tax deduction and reduce your assessable income. Learn more
TOP UP YOUR INCOME WHEN CUTTING BACK WORK
If you plan to scale back your working hours, starting a transition to retirement pension could help you to replace your reduced income. To use this strategy, you need to invest some of your super in a transition to retirement (TTR) pension. The key benefit of doing this is you can receive an income from the TTR pension to replace the income you’ll forgo when reducing your working hours. Learn more
SACRIFICE PRE-TAX SALARY INTO SUPER
Contributing some of your pre-tax salary, wages or a bonus into super could help you to reduce your tax and invest more for your retirement. With this strategy, known as salary sacrifice, you need to arrange for your employer to contribute some of your pre‑tax salary, wages or bonus directly into your super fund. Learn more
CONVERT BUSINESS CAPITAL INTO TAX-FREE RETIREMENT BENEFITS
If you’re selling your business to retire, taking advantage of the CGT small business concessions could enable you to manage tax and get more money into super. To use this strategy, you need to sell ‘active business assets’ and meet a range of other conditions. Active assets are assets that are held or used in the course of carrying on your business or a business of someone else connected with you. Learn more
CONVERT YOUR SUPER INTO A TAX-EFFECTIVE RETIREMENT INCOME
Starting an account based pension with your super when you retire could enable you to receive a tax-effective income and make your savings last longer. When you retire, it can be tempting to take your super as a cash lump sum. However, using your super to start an account based pension (1) could be a more tax-effective option. Learn more
MOVING INTO RESIDENTIAL AGED CARE 101
Moving into residential aged care can be at times overwhelming and quite daunting. Unfortunately, one of the common triggers prompting a move into care can be brought on by a sudden fall, stroke, or some other unexpected event. These occurrences then lead to families making decisions, which, if not thoroughly thought through, lead to regrettable consequences. But if the conversation is had and planning takes place, this type of heartache can be avoided. Learn more.
YOUR SUPER AND TAX - WHAT'S NEW IN 2018?
Super and tax rules are always changing – providing fresh opportunities to help maximise your retirement savings. Here are two new ways you may be able to help boost your super, as well as your tax return. Learn more