For most people, Superannuation is the second largest asset owned in a lifetime.
Usually, the proceeds of superannuation are the primary source of income upon retirement. As such, it is very important to make sure your super is managed effectively so that you have as much to retire on as possible.
PlanPlus has extensive knowledge and experience when it comes to Super.
We can help with:
- Superannuation consolidation;
- Super rollover to pension phase;
- Recovering lost super;
- Salary sacrificing into super;
- Accessing your super;
- Insurances held within super.
We are also able to help you with Self-Managed Super Funds.
We can help you to maximise your superannuation through a program of investment tailored to your individual circumstances. We can help you to minimise your Capital Gains Tax liabilities when it comes time to roll your super into pension phase.
What Tax-effective Incentives Are There?
If you arrange for contributions to be made to superannuation from pre-taxed earnings above the superannuation guarantee payments contributed by your employer, you will pay a maximum 15% tax on the extra contributions rather than your marginal tax rate (up to a certain limit or cap).
Additional spouse contributions
If your spouse earns less than a certain amount and you add to their super you could receive a tax rebate of up to $540.
Access your super while still working
If you’re over 55 you can now access your super in the form of a pre-retirement pension and still contribute to super.
If you are a low income earner and make additional contributions to your super, the government could match 50% of your contribution (up to $500).
Small business capital gains tax (CGT) concessions
If you own a small business, the proceeds of the sale of certain assets may be contributed to super so you can minimise CGT as well as maximise your retirement savings.
Roll your super over into an allocated pension when you retire
If you use your super to buy an ‘allocated pension’ (also known as an ‘account based’ pension) rather than cash it in, you can save tax on the lump sum. Another benefit is that the returns on your allocated pension are not taxed.
Pension payments and withdrawals over 60
If you are 60 or over your pension payments and lump sum withdrawals are not subject to tax.
Partners In Wealth is committed to explaining all of this in an easy to understand manner.