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3 ways to boost your super and reduce your tax

EOFY is almost here! Check out these simple and pain-free tips to help boost your super and reduce your marginal tax rate.

Boost your spouse’s super and reduce your tax

You may want to consider making an after-tax contribution into your spouse’s super account if your spouse is earning a low income (less than $40,000) or is not working.

Your benefit:  A tax offset of 18% ($540) if you contribute up to $3,000 to their super for 2019-20.

Things to consider:

Your spouse’s income includes:

  • Their assessable income
  • Reportable fringe benefits
  • Reportable employer super contributions

To find out if you are eligible visit the Australian Tax Office (ATO).

Claim a tax deduction if you make a personal contribution to your super

If you are thinking of making an after-tax contribution to your super fund you may be eligible for a tax deduction. 

Your benefit:  You will be able to reduce your taxable income for this financial year, and therefore potentially pay less tax. These contributions will only be taxed at 15% if you earn under $250,000 per year, or 30% if you earn more than $250,000 per year, which is lower than what you would normally pay on your taxable income, which can be up to 47%.

Things to consider:

  • You need to send a Notice of Intent to your super fund, and have received acknowledgement before you complete your tax return
  • You satisfy the age conditions
  • Contributions can be from your savings, inheritance, sale of asset or your regular bank account.
  • Your concessional contributions are capped at $25,000 per year. If you exceed this cap, you may be charged a penalty. Concessional contributions are the contributions you claim as a deduction plus your employer contributions plus any salary sacrificed contributions.

To find out if you are eligible for a deduction please visit the ATO

Government Co-contribution

If you are a low-middle income earner and make an after-tax contribution to your super fund, the government may also make a contribution (max $500).

Things to consider:

  • The amount of co-contribution you receive depends on your income and how much you contribute.
  • If you fall into the higher income threshold of $53,564+ you will not receive a co-contribution.
  • You must have a total super balance less than the transfer cap of $1.6 million
  • Satisfy age conditions

Visit the ATO for more details.

If you would like any more information on how these tips can work for you, contact our Financial Advice Team today.

Please note, the above is general information only and should not be relied upon as financial advice or financial product advice. You should seek independent advice before taking any product or service.

Published: 17.06.2020

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