The Coalition has returned to power so it is now unlikely that we will see any changes to the legislation around superannuation, family trusts and franking credits for the next 3 years.Now that the election is out of the way and we know where the ‘legislative goalposts’ are located, we can get on with some end of financial year strategies.
1. Government co-contribution
If you earn less than $52,697 this financial year, you may qualify for this ‘free money’ up to $500 by making a personal contribution into super. Please check with us to see if you are eligible.
2. Top up your super and claim a tax deduction
You can contribute up to $25,000 into your super fund and then claim a tax deduction to help reduce your income tax.
3. Contribute to your partner’s super
If your partner is a low-income earner it may be worthwhile to make a ‘spouse contribution’ into their fund. It helps increase their balance and you get a $540 tax rebate.
Talk to us to check if these strategies are appropriate in your individual circumstances as they aren’t suitable for everyone. We need to check if you are eligible for one, two or even all three.