Super opportunities before the EOFY
16th May 2018
The End of Financial Year is fast approaching – here are a couple of options you may want to consider before 30th of June.
Government co-contribution
If you are a middle to low income earner, adding to your super with personal (after-tax) money can get you a bonus payment into your super. The get the maximum co-contribution of $500 you would need to earn less than $36,813 and make a contribution of at least $1,000 before June 30th 2018. The co-contribution steadily reduces as your income rises until it reaches zero at an annual income of $51,813.
Spouse super contribution tax offset
If your spouse or partner’s assessable income is less than $40,000 and you want to make a super contribution on their behalf, you may be able to claim a tax offset for yourself. The maximum tax offset available is up to $540 if your spouse receives $37,000 or less in assessable income in the 2017/18 financial year. The tax offset is progressively reduced until it reaches zero for spouses who earn $40,000 or more in assessable income in a year.
Testimonials
"Self-employed people often earn a decent income while working. However, without the benefit of employer-paid superannuation contributions often have little money to live on in retirement. Don’t rely on selling..."
Don’t neglect retirement savingsMeet the Team at Momentum
