- Co-Contribution – Let's start with the easy money. Low-income earners should think about making a personal superannuation contribution so that they qualify for the government's superannuation co-contribution payment.
- Re-contributions – Currently, strategies exist that allow you to draw a pension from your fund and re-contribute amounts to the funds, reducing tax significantly, while maintaining your same net cash. Don't leave it to the last minute to set this up though.
- Contribution caps – Make sure that you don't contribute more than the annual concessional contribution cap @ 30/6/2015 < 49 years of age $30,000 and = 49 years of age $35,000 or risk being subject to an excess contributions tax of 46.5%. Taxpayers are often brought undone by forgetting salary sacrificed superannuation while also contributing to an industry fund.
Please contact your nearest Murray Nankivell office to book an appointment today to help us understand your specific situation and work with you to select the best strategies to help you minimise your tax bill.
The information on this website is general information only, and Murray Nankivell is, by means of this information, not rendering professional advice or services. This information has been prepared without considering your circumstances and you should seek specific tax advice about your own circumstances.
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