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Superannuation

 

How Super Works:- Superannuation can provide you with a comfortable retirement

If you want enough money for a comfortable retirement you need to take Superannuation serious.

Did you realise your employer Super contributions won’t be enough to give you a comfortable retirement. Taking steps to boost your Superannuation to a comfortable retirement level is very important. These include:-

  • If you put your own after-Tax money into superannuation , you could receive a government co-contribution depending on how much money you earn.
  • Salary Sacrifice Contrbutions (Before Tax ).This is when you or your employer agree to pay a portion of your salary as an extrea contribution into Superannuation. This can be a tax-effective strategy if you earn more than $37,000.
  • Transferring money from other Super Accounts into your main Superannuation Account. This will save on administration costs and you won’t lose you superannuation.
  • If self- employed, your super contributions may be tax deductible
  • You can contribute on behalf of your spouse if they are not working. You may be able to claim 18% tax offset of your Super contributions up to $3,000 you make on behalf of nonworking or low income spouse.
  • You can also split your employer contributions with your spouse. This can be done after the end of the financial year.
  • Low income Super Contribution . If you earn up to $37,000 you may also get a “low income Super contribution” whether or not you add extra money into your Superannuation. The Australian Tax Dept will automatically make these payments if you meet the critera.

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