5 SUPER THINGS TO DO BEFORE EOFY
The end-of-financial year will be here before we know it so now's the time to look at your superannuation account.
Whatever stage of your life you are in, it's never too early or too late to boost your super.
There are a few things you can do to bolster your superannuation fund before the end of June that may also help your tax return. Here are our five top tips, also summarised in an infographic below.
01 Top up your super
It may be beneficial for you to make a personal contribution into your superannuation account before the EOFY. You may be able to pay more into your super and then claim a tax deduction on this contribution.
You can contribute up to $25,000 to your super a year, including what your employer pays into your super. Top up your contributions from your own personal savings now, claim a tax deduction on the additional funds you paid into your superannuation account and it may benefit your tax return.
Low or middle-income earners who make an after-tax super fund contribution of $1000 before June 30 will also be rewarded with an additional (up to) $500 superannuation contribution from the government. It is a win-win situation.
The right amount to contribute will be different for everybody so make sure to discuss your situation with a financial advisor before jumping in.
02 Boost your partner's super
If you have a low-income earning spouse, it might be beneficial to contribute up to $3000 (after-tax) to their super account and get a tax rebate of up to $540. Find out if this is the right move for you and your partner by chatting with us before the EOFY.
03 Evaluate your super
Each time the end of financial year comes round it’s a great time to re-evaluate your super and consider whether it's performing as well as it could be.
Assess the fees, performance, insurance cover and underlying investments of your super fund. Now’s the time to discuss your super strategy with a financial advisor.
It might be the time to shop around for a more competitive super account, alter the amount of insurance cover or change your investment strategy.
04 Don’t leave it until the last minute
Additional contributions to any super account need time to process so it's important to get in there early to make sure it clears before the end of this financial year.
05 Spread the word
Even if these superannuation tips don't apply to you, you can help your loved ones by spreading the word. Share this article with them so they are aware of the benefits of bolstering their superannuation fund before the EOFY.
