Boost your Super
Boost your super at tax time
Here are some tips to help you boost your super and benefit from superannuation's favourable tax treatment:
- You can claim up to $500 in government co-contributions if you’re a low to middle income earner and you make after-tax contributions of up to $1,000 to your super.
- You can receive a tax offset of up to $540 if your spouse is a low income earner and you contribute up to $3,000 in after-tax contributions towards their super.
- You can contribute up to $30,000 in before-tax contributions to your super at the ‘concessional’ tax rate of 15% — or $35,000 if you’re aged 50 or over.
- You can contribute up to $180,000 a year (or $540,000 over three years) in after tax-contributions. Since this is from your after-tax income the full contribution reaches your super account, and no tax is deducted when the contribution reaches your super fund.
- You can start a transition to retirement strategy once you’ve reached your super preservation age (the age at which you can access your super, which will be between 55 years to 60 years of age depending on your date of birth)—this can allow you to draw up to 10% of your super as a pension.
If you need any clarification on the taxation implications in respect of superannuation, contact us at A Grade Tax Penrith on 4731 1405.
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