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3 TIPS FOR SUPERANNUATION BEFORE THE END OF THE FINANCIAL YEAR

    Home Blog 3 TIPS FOR SUPERANNUATION BEFORE THE END OF THE FINANCIAL YEAR
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    3 TIPS FOR SUPERANNUATION BEFORE THE END OF THE FINANCIAL YEAR

    By admin | Blog, SMSF & Superannuation | 0 comment | 18 April, 2016 |

    3 tips for superannuationSUPERANNUATION TIPS

    It seems like it was just yesterday when we where wishing everyone a Merry Christmas, Happy New Year and making our New Year’s resolutions.

    Now reality sets in, as we are now already in April 2016, there is just over 2 months until the end of the financial year!

    Like everything you need to look after your superannuation if it is to remain healthy, so that when you retire you will have a healthy balance on hand.

    Here are 3 tips for superannuation that you need to look at before the end of the financial year:

    gorwthConsolidate your superannuation accounts

    To minimise the account keeping fees for the various superannuation accounts that you have.

    Log onto the Australian Taxation Office website, there is a tool called SuperSeeker  – which can help you locate any lost super that you have that you may have lost track of. It is quick and easy to use!

     

    gorwthSalary sacrificing

    If your superannuation balance seems low, its not too late to do something about it. Why not salary sacrifice some of your salary? If you are a low-income earner and you make after-tax contributions you may be able to claim the Government’s co-contribution. If you earn under $54,454 the Government will match your extra contributions for the financial year up to $500.

     

    gorwthHigh-income earners

    You can cut the tax you pay!  You can contribute up to $30 000 a year if you are 48 or younger. If you are 49 or older you can contribute $35,000 per year.

     

    • Review the fees and charges – you should always review your superannuation balance, checking that your employer’s contribution is 9.5% and that your balance is growing over time. Always review the fees that you are paying. If you are paying too much you might want to find a different superannuation fund with lower fees and charges.

    As always if you need any assistance, help is always close at hand – call or email Optima Partners on 08 6267 2200

    Small photo of Zoi Yannakis

     

     

     

    Zoi Yannakis

    Optima Accountant

    SMSF, superannuation, tips

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    Optima Partners is an energetic and innovative accounting, taxation and business advisory firm with offices in Osborne Park, Guildford and Fremantle.

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