11th Jun,2015
Article By
Clearway Advice and Financial Management

Should I make a super contribution before EOFY?

The 30th of June comes around every year, it’s that day that many dread, but with a little planning ahead of time, there’s no reason why you can’t go into the new financial year feeling a little more optimistic and excited about your financial future.

Superannuation remains an incredibly tax effective investment when saving for retirement. Fortunately there are a few opportunities you should be aware of in the lead up to June 30.

Maximising contributions

Non-concessional contributions are after-tax super contributions that you can choose to make with your own savings. While you pay tax on the earnings at your marginal tax rate, no further contribution tax is levied when you make this type of contribution. The advantages of non-concessional contributions are that any earnings on your super are taxed at 15% each year, whereas outside of super, they are taxed at your marginal rate. This can result in fantastic savings.

Changes to the age pension

In the last budget, the government proposed changes to the pension asset test, restricting access to the pension for those with larger asset balances (excluding the value of your own home). This small shift may reduce entitlement to the age pension for many future retirees, so its important that you’re maximising your superannuation contributions to ensure you will be well supported in retirement.

The most important part of planning for your future, is taking action early. Whether it’s maximising contributions, understanding the age pension, considering a super split (a strategy for splitting contributions with your spouse), or even learning about the government’s super rebates, we’re here to help. If you have any questions, don’t hesitate to contact the team!

The information contained in this article is general by nature, and is not all encompassing, nor does it take your personal circumstances into consideration. If you’d like to chat about your specific circumstances, please contact us, or give the team a call.

ClearWay Advice and Financial Management is a Corporate Authorised Representative Representative No.473095 of Keystone Partnership Pty Ltd ABN 22 169 650 720, Australian Financial Services License (AFSL) No.466137.


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