Grow your super while reaping tax benefits during this tax time.
1. Salary Sacrifice Into Super
A simple way to reduce tax is to ask your employer to pay some of your salary into your super.
Check how your employer treats salary sacrifice contributions before putting this strategy in place. Keep in mind salary sacrificing isn’t something employers are obliged to offer.
Concession:
2. Government Co-Contribution
Low to middle-income earners may be eligible for a maximum co-contribution of $500 each eligible year.
Concession:
3. Personal Super Contributions
You can also boost your super by adding your own contributions to your super fund from your after-tax income (a.k.a. your take-home pay).
Concession:
Selling your home? Individuals 55 years and older may be able to contribute up to $300,000 from the sale of their home into their super.
Concession:
5. Spouse Contributions
If you have made contributions to your spouse’s super fund or retirement savings account (RSA) during the financial year, you may be entitled to a spouse contribution tax offset.
Your spouse must be under 75 at the time the contribution was made.
Concession:
6. Super Contribution Splitting
Some super funds let you transfer some of your before-tax contributions to your partner’s super account.
The maximum you can send to your spouse’s account is the lesser of:
Concession:
Additional Tips:
Source: CommBank
Compiled & Edited by Tailored Tax.
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