Super tax time tips
With the end of the financial year just around the corner, now is a great time to think about the best way to increase your retirement savings or save on tax.
Stop the taxman from taking an extra 31.5% from your super
If you don't have a Tax File Number on your Sunsuper account, contributions from your employer may be taxed at 49% instead of 15%! The good news is it's easy to avoid extra tax by providing your TFN.
Reduce the tax you pay while boosting your super balance
A Transition to Retirement (TTR) strategy may help you achieve this.
Many people aren’t aware that once you have reached your preservation age (55 for most people), you are able to draw from your super, even if you are still working.
Salary sacrifice - more for you and less for the tax man
For many people, relying on employer super contributions alone won’t be enough to fund their future dreams. Salary sacrificing a little extra into super could make great sense and you might end up paying less tax.
Act now and get up to $500 from the Government
If you earn less than $49,488 and make a contribution into super yourself you may be entitled to receive the Government co-contribution of up to $500.
Putting a little more into your super account now, could mean you can afford the lifestyle you really want when you finish working.