How to Turbo boost your Retirement Savings
In this article we take a look at the issues that impact on super balances and detail how salary sacrificing works. We go on to look at a case study to explain the tax and contribution benefits.
Be wary of Superannuation Scams
Ever since the Government gave Australians the right to access their superannuation early to cope with COVID-19 financial stress, scammers have swarmed in to take advantage.
These scammers are operating using varied methods. Below is a text message that one of our clients received despite not having requested early access to her super.Read More
Superannuation FAQ’s
This article answers 5 frequently asked questions about superannuation.
If the ins and outs of superannuation leave you confused, the answers to these frequently asked questions will help you understand the basics.Read More
Downsize your home, upsize your super!
Over 65? Thinking of selling your home? Since 1st July 2018 you may be eligible to contribute up to $300,000 ($600,000 for a couple) from the proceeds of the sale of your home to your superannuation fund.Read More
A Tale of Two Retirements
John and Jane Jones have worked hard their whole lives, paid their taxes and, now they have retired, they feel they are entitled to a full age pension.
A lifetime of super – and it’s not just about retirement!
Life is for living, not retiring, but there may come a time in your life when you either want to change what you’ve been doing and stop working completely, or take a long break and work out what’s next.
Save on Tax by Thinking About Your Super in a New Way
Now that it’s time to put in your tax return for 2018-19, you’re probably looking at all the usual deductions to claim: bodycorp, rates, water, training, uniforms. However, one of the most overlooked deductions you can make is on after-tax super contributions. Not only does it reduce your tax burden in the present, it sets you up for a more comfortable life in the future.
2019 Small Business Tax Tips
1. Business Travel
- You can claim airfares, train or taxi fares.
- Accommodation costs and meal expenses for overnight business travel.
2019 Individual Tax Tips
1. From 1 July 2018 new tax rates
| $0 to $18,200 | No tax |
| $18,201 to $37,000 | 19c |
| $37,001 to $90,000 | 32.5c |
| $90,000 to $180,000 | 37c |
| $180,001 > | 45c |
Claim your Superannuation Contributions on Tax
You can make personal super contributions to your superannuation fund and claim it in your income tax return as an income tax deduction.
How does it work?
The best way to explain it is by an example. Steven is employed as an IT Consultant. During the 2017-2018 financial year, he earns a salary of $78,000.00. Steven makes a personal super contribution of $3,000.00 to his superannuation fund.
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