With End of Financial Year around the corner, it’s time to start thinking about boosting your retirement savings while potentially saving tax.
Here are three strategies that could help you do just that.
1. Add to your super and claim a tax deduction
By making a personal super contribution and claiming the amount as a tax deduction, you may be able to pay less tax and invest more in super.
2. Top up super with “catch-up contributions”
Concessional contributions are capped at approximately $25,000 per financial year. If you have not reached this cap in the previous five years, you could carry them forward to this year and maximise tax effective super contributions.
3. Boost your spouse’s super and reduce your tax
You could split your super contributions to your spouse’s super account which would help boost their retirement savings and also provide a range of other benefits including help to cover insurance premium, maximise tax-free retirement savings and the Age Pension.
Our team of experts go above and beyond to help you increase your wealth and reach goals faster.
Call us today to ensure you maximise your tax savings this EOFY.