We have updated and reviewed the best solutions to implement for the end of the 2021 financial year, as we do at the end of each financial year to benefit you and your superannuation.
Decisions around your superannuation strategies can feel difficult and even out of your control. There are some easy financial strategies you can have in place to be in a confident position about your retirement that everyone should practice.
Making contributions to Super can achieve a risk-free rate of return in the form of a tax saving, leading it to be a very attractive way to invest for retirement.
The following infographics outline 5 Smart Superannuation Strategies that help to reduce your tax and increase your return.
1. Make a Contribution from your Bank Account and Claim a Tax Deduction
2. Consider Contributing After-Tax Money to Super
These contributions are called non-concessional contributions and are particularly worth looking at when you are closer to retirement. For more information on the types of contributions, you can make to your superannuation click here.
3. Take Advantage of the Government Co-Contribution Payment
Should you be eligible, low-income earners can make voluntary non-concessional contributions to Super and be guaranteed a 50% return on eligible contributions, boosting their nest egg for retirement.
4. Make a spousal contribution and save on tax
Spousal contributions equate to an 18% rate of return on contributions in the form of a tax offset for eligible couples.
5. Contribute your Bonus or Extra Income to Super via Salary Sacrifice
If you are lucky enough to be receiving a bonus in this COVID crisis it makes sense to think about contributing some of your entitlement to Super.
Yield Financial Planning Is Here To Help
If anything we’ve discussed above interests you and want to know more about how you can implement these strategies to assist in meeting your retirement goals, please contact the specialist team at Yield.