End of financial year countdown - one week to go!

Have you considered how you can minimise your tax and boost your retirement savings with super?

Concessional contributions 

In addition to your Superannuation Guarantee contributions paid by your employer, you may benefit from salary sacrificing additional pre-tax contributions, up to your relevant concessional contributions cap for the 2014/2015 financial year. These contributions will be taxed in your super fund at a rate of 15%, instead of being taxed as income at your marginal income tax rate. High income earners need to be aware of the additional tax on adjusted taxable income of over $300,000 (Division 293 tax), which could increase your tax on concessional contributions by an additional 15%.

Super co-contributions

For income earners with a total income for the year of less than $49,488, you may be eligible to receive a superannuation co-contribution from the Government, which is not subject to tax when paid to your super fund. If you are entitled to receive a co-contribution, you may contribute an additional after-tax amount to your eligible super fund, and the Government will automatically match your contribution (subject to eligibility criteria), up to an amount of $500.

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