Superannuation is essentially a tax-effective method of saving for your retirement. For many of us, it is the largest asset we have, apart from our homes.
With a variety of contribution options, Superannuation is a complex area. It’s important to form a strategy to make the most of the tax concessions, financial incentives and rebates.
Super contribution options
- Employer – 9.25% super guarantee contributions
- Employee – salary sacrifice contributions
- Salary forfeited as contributions to super instead of taking as taxable income
- Employee – voluntary contributions (after tax)
- Could be eligible for government co-contribution payments if other conditions are met
- Self employed – deductible contributions
- Must derive at least 10% of total income from self employed, business activities
- Self employed or not working – after tax (non-deductible) contributions
- Could be eligible for government co-contribution payment if other conditions are met
Spouse – spouse splitting or spouse contributions
By forming a strategy, you may take advantage of:
- Transition to Retirement (TTR) rules
- Choice of superannuation
- Self Managed Superannuation Funds (SMSF)
- Salary packaging (also known as salary sacrifice)
- Retirement income streams
How can we help? – You can access a wealth of experience and knowledge in superannuation through a KDM planner. Contact us today.Information on this site may be regarded as general advice. That is, your personal objectives, needs or financial situations were not taken into account when preparing this information. Accordingly, you should consider the appropriateness of any general advice we have given you, having regard to your own objectives, financial situation and needs before acting on it. Where the information relates to a particular financial product, you should obtain and consider the relevant product disclosure statement before making any decision to purchase that financial product.