Superannuation Strategies

In order to get the best out of superannuation, you need to understand how the rules work and use them to your advantage.
Salary sacrifice - If you make extra contributions to your super (above the 9% contributed by your employer) you will pay a maximum 15% tax on the extra contributions rather than your marginal tax rate (up to a certain limit or cap).

Spouse contributions -  If your spouse earns less than $10,800 and you add to their super you could receive a tax rebate of up to $540. You can do this each year or when taking a lump sum.

Super splitting with your spouse - If you even out the super contributions between yourself and your spouse you may save in tax when you convert your super into a pension.

Co-contributions - If you earn less than $58,980 and make additional contributions to your super, the government could match your contribution (up to $1,500).

Small business capital gains tax (CGT) consessions - If you own a small business, the proceeds of the sale of certain assets may be contributed to super so you can minimise CGT as well as maximise your retirement savings. A lifetime $1 million limit applies to these amounts.

Purchase Life and TPD Insurance – This is a tax effective way for you to access your superannuation to fund your Life, Total and Permanent Disability and Income Protection Insurance.

Access your super while still working - If you’re over 55 and working part time you can now access your super in the form of a pre-retirement pension and still contribute to super.

Roll your super over into an allocated pension when you retire - If you use your super to buy an ‘allocated pension’ (also known as an ‘account based’ pension) rather than cash it in, you can save tax on the lump sum. Another benefit is that the returns on your allocated pension are not taxed.

Pension payments and withdrawals over 60 - If you are 60 or over your pension payments and lump sum withdrawals are not subject to tax.

Download the Free Superannuation Strategy Brochure