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Smart super strategies for this EOFY 2017/18

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Smart super strategies for this EOFY 2017/18

1. Add to your super – and claim a tax deduction

This financial year, there are new rules about who can claim a deduction for personal (after tax) contributions to super.

In the past, you could only claim the deduction if you earned less than 10% of your income from employment. But from 1 July 2017, deductions for personal contributions can also be claimed by employees.


2. Get more from your salary or a bonus

If you’re an employee, you may be able to arrange for your employer to direct some of your pre-tax salary or a bonus into your super as a ‘salary sacrifice’ contribution.
Again, you’ll potentially pay less tax on this money than if you received it as take-home pay – generally 15% for those earning under $250,000 pa, compared with up to 47% (including Medicare Levy).


3. Convert your savings into super savings

Another way to invest more in your super is with some of your after-tax income or savings, by making a personal non-concessional contribution.
Although these contributions don’t reduce your taxable income for the year, you can still benefit from the low tax rate of up to 15% that’s paid in super on investment earnings. This tax rate may be lower than what you’d pay if you held the money in other investments outside super.

4. Get a super top-up from the Government

If you earn less than $51,813 in the 2017/18 financial year, and at least 10% is from your job or a business, you may want to consider making an after-tax super contribution. If you do, the Government may make a co-contribution of up to $500 into your super account.


5. Boost your spouse’s super and reduce your tax

If your spouse is not working or earns a low income, you may want to consider making an after-tax contribution into their super account. This strategy could potentially benefit you both: your spouse’s super account gets a boost, and you may qualify for a tax offset of up to $54.

If you would like any information on any of the above, please don't hesitate to contact us.

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COCO Accounting & Financial
Address: Suite 13, Level 1, 2 Memorial Drive, Shellharbour City Centre NSW 2529  l Postal: PO BOX 267, Shellharbour City Centre NSW 2529  l Phone: (02) 4297 7098
Website: www.cocoaf.com.au
 
Liability limited by the Accountants Scheme, approved under the Professional Standards Act 1994 (NSW).
 
Luke Crockford of Crockford Investments Pty Ltd ATF Crockford Family Trust ABN 32 904 298 603, trading as COCO Accounting & Financial, is an authorised representative of Meritum Financial Group Pty Ltd, Australian Financial Services Licensee. 
 
Any advice in this email is of a general nature only and has not been tailored to your personal circumstances. Before acting on this advice, you should consider whether it is appropriate having regards to your personal objectives, financial situation and needs.

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