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I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC


Super Facts and Tips

Clock Is Ticking, so Begin Some Superannuation Action Now

June is a crucial time for super guidelines to maximise the advantages of superannuation and tax laws, which, while constantly changing, still continue to be the lowest-tax structure for cash savings.

Todd Want, director of William Dollar, says it starts with maximising your concessional, or tax-deductible, contributions.

Want states that regardless of the Budget plans and proposals to minimize the concessional contributions caps to $25,000 per annum, the present concessional contributions caps still obtain this year - $30,000 for those whose age are under 50 and $35,000 for those 50 years and older.

Salary sacrifice can be organised ahead of time, so now may be the time to set things up for the next fiscal year, while small company owners and pre-retirees who do not earn most of their earnings as an employee can also make tax-deductible contributions to super.

Want states that the current Budget changes, which will decrease the limits of how much individuals can pump into super from July 2017, suggest that this year might provide a better chance than the future years to make additional contributions.

There is no absolute certainty that the prepared changes will pass through parliament.

Do not leave additional superannuation contributions to the last minute. Want says that the ATO takes the view that the super fund has to receive the contribution by 30 June for it to be considered a contribution for this year. Making a contribution by electronic transfer on 30 June might result in it being received by the fund by early July.

Gianni La Scala, Maximum Wealth Advisers partner, says lower and middle earners can think about making a non-concessional, an after-tax, super contribution in June to potentially qualify for the Federal government's co-contribution. It's available for workers earning less than $50,454 and can provide as much as $500 into your savings.

La Scala says that tax-deductible superannuation contributions such as salary sacrifice just bring in tax at 15 percent, instead of an individual's marginal tax rate of as much as 49 percent. He states that If you have sold an investment and made a gain in the current financial year, you might potentially make a contribution to super to help lower the capital gain.

If you have more superannuation news, go to www.australiansuperfinder.com.au

All information on this website is of a general nature only. We have not taken into account your financial situation, needs or objectives. You need to make up your own mind and ascertain yourself if it is right for you. We recommend you read the product disclosure statement(s) and the financial services guide before making any financial decision.

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