Get the knowledge you need to make well-informed financial decisions at our upcoming events. Register now.

Loading...

Boost your Super with these End of Financial Year Strategies

2019-06-10T12:12:40+10:00

Before the financial year comes to a close, individuals and businesses are presented with numerous opportunities to get the most out of their finances—from claiming tax deductibles to augmenting retirement savings.

This article is published by Modoras Pty Ltd ABN 86 068 034 908

Boost your Super with these End of Financial Year Strategies

Boost your Super with these End of Financial Year Strategies

Before the financial year comes to a close, individuals and businesses are presented with numerous opportunities to get the most out of their finances—from claiming tax deductibles to augmenting retirement savings.

Implementing smart end of financial year strategies may enhance your current financial strategies in getting more tax savings and preparing a healthy nest egg come retirement age. As talks about modifying the current superannuation policy make their way in the news, now’s a good time to roll up your sleeves and get started on reinforcing your superannuation funds.

Make additional contributions—and claim a deduction

Working individuals are guaranteed to receive mandatory contributions from employers, which is 9.5% of the ordinary time earnings. They can supplement this by making personal contributions from after-tax income, an inheritance, or extra cash. Additional super contributions are great because they reduce the taxable income, potentially making you pay less tax in the EOFY while augmenting your retirement fund.

Sacrifice a portion of your salary

Employers can arrange to deduct a portion of an individual’s salary and put it instead to a super fund via salary sacrificing. The money will come from pre-tax income, thereby reducing the taxable income. Salary sacrifice is on top of the guaranteed super contribution companies pay, which means employees get more in their super funds.

Convert to super savings

Aside from your super, you can invest some money for your retirement by making an after-tax super contribution. This should minimise the tax deducted from your investment earnings.

Top up from the Federal Government

The government can extend assistance through a co-contribution amounting to $500 to individuals who earn less than $52,697 per annum either from their job or business.

Contribute to spouse’s super

For those with spouses who make less than $40,000 per annum, it’s possible to make an after-tax contribution and qualify for a tax offset by as much as $450.

Adding to one’s super savings can pave the way for a more comfortable retirement, making it possible for you to realise your lifestyle potential. And because superannuation contributions is a long-term investment, it’s important that individuals take the most recommended steps which financial planners can help with.

 

Are you taking the right steps towards a comfortable retirement? Let us help steer you in the right direction. Talk to our professional advisers and schedule a consult by clicking here.

IMPORTANT INFORMATION: This blog has been prepared by Modoras Pty. Ltd. ABN 86 068 034 908 an Australian Financial Services and Credit Licences (Number 233209). The information and opinions contained in this presentation is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals' personal circumstances have been taken into consideration for the preparation of this material. Any individual making any investment or borrowing decisions should make their own assessment taking into account their own particular circumstances. The information and opinions herein do not constitute any recommendation to borrow funds or purchase, sell or hold any particular investment. Modoras Pty Ltd recommends that no financial product or financial service be acquired or disposed of, credit contract entered into or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog may change without notice. Modoras Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication.

Testimonials

“There are things I must do in the next five years to make that happen, but I know what they are and am working towards them. This is a much happier prospect than what I believed would be my lot when I reached retirement age.”

Scharlaine

“I will remain with them as they have been great to me for many many years.”

Sharn

“I’ve been a customer for several decades(scary how time flies). The service has always been impeccable, consistent, friendly.”

Colleen

“Very happy with the ease of experience. And extremely happy with my return…much more than I anticipated.”

Angela

“The process suits me perfectly, the details and everything you need from me is provided. You then review and I come in to sign where appropriate. In a busy schedule, it suits me perfectly.”

Richard

“Our business with Modoras is always very professional and friendly making it a pleasure to attend.”

Peter & Merle

“I have recommended Modoras to friends and family. My sister in law is now a client.”

Glenn

“Professional service with the personal care factor.”

Kathy

“We are very happy with the service that Modoras have provided and find all staff very friendly and helpful.”

Tom

“Super friendly staff . Would recommend and have recommended.”

Danielle

“We really enjoy the hospitality every time we visit the office, to meet and talk directly with the ‘Modoras family’ has a huge impact in entrusting our financial future.”

Robert

“We have built an excellent business rapport with our Accountant over many, many years. He has managed both personal and business tax and accounting matters for us. It is a pleasure to attend the lovely office in Mt Gravatt. The Reception staff are friendly and efficient. AND they make a great coffee!”

Rosemary

Financial Planning and Credit services are offered through Modoras Pty Ltd ABN 86 068 034 908. Australian Financial Services and Credit Licence No. 233209.
Accounting services are offered through Modoras Accounting (QLD) Pty Ltd ABN 81 601 145 215, Modoras Accounting (VIC) Pty Ltd ACN 145 368 850 and Modoras Accounting (SYD) Pty Ltd ABN 18 622 475 521

Copyright Modoras 2019. All Rights Reserved.