Consider speaking to one of our team members, even if you are a young, newly married couple or only a few years away from retirement. You may still need superannuation advice, whether you’ve already stopped working or have just started making regular payments into a pension fund. Either way, you want to build the means to live comfortably during your golden years. Your situation, needs, and objectives will underlie our guidance and concepts.
Super Advice Regarding SMSF
If you are employed and under 67 years old, chances are you and your employer are contributing to a fund to amass retirement assets. You may also have relatively effortlessly put money into a tax-efficient self-managed superannuation fund.
There are several ways to make superannuation contributions. These include doing so for yourself, your spouse, or your children. The inputs may be tax-deductible or non-deductible and dependent on specified factors. Further options comprise employer contributions towards superannuation guarantee purposes, a salary sacrifice arrangement, and an industrial reward. Get in touch with one of our financial planners for professional advice and assistance if you are unsure about the path forward.
Though increasing your savings is a priority if you’re not working, paying into an SMSF when you are older than 67 is more complicated. Even so, you could surely do with not paying tax on your investment when retired. Talk to us at Milestone Financial about the latest changes enabling you to still contribute to your superannuation when you are between 67 and 75.
You can use the low-income superannuation tax offset if you have an adjusted taxable income lower than $37,000. The Australian Taxation Office will calculate the tax credit and pay it into your superannuation fund.
Do you want to know more about the Downsizer super opportunity you’ve heard is possible? You can utilise it once if you are at least 65 years or older, have sold the principal residence you’ve lived in for no less than ten years, and if you contribute up to $300,000 within 90 days of selling the dwelling.
The Ceasing Work contribution is yet another once-only option. You can contribute to a concessional or non-concessional fund if you reach 67 years of age during the financial year after retirement and have a less than $300,000 balance on 30 June in the preceding financial year.
Our superannuation financial advice team can offer you many strategies to grow your assets and will gladly discuss them. Find out more about the benefits of making additional contributions from a young age, contributing a withdrawn amount back to the super fund when you’ve reached 65, and splitting concessional payments to your spouse.
We are ready to help you protect your lifestyle, achieve your goals, and retire right with lots more financial advice to share. Contact us if you require further information or to make an appointment.