Jack McNamara
Director - Financial Planning
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Best ways to boost your superannuation

Want to live your best life in retirement? Wouldn’t it be fantastic to know that you will be able to live well when you finish work and enjoy doing the things you love most? Ensuring you have enough superannuation to retire happily on, often requires more input than the compulsory employer contributions.

Whether you are 25 or 55, finding ways to boost your super is one of the smartest money choices you can make for your future. Not only will it help you retire, but your savings will be in kept in a low tax environment at a 15% tax rate while working and then 0% in retirement.

Here are some of the best ways you can boost your super in a tax effective manner:

Concessional Contributions
Contributions can be made into your super fund before tax. A common and simple way to do this is through “salary sacrificing.” The maximum amount which can be contributed per year for this purpose is $27,500.
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Carry forward concessional contributions
If you do not contribute the total amount allowed under the concessional contributions in a particular year ($27,500) and your super balance is less than $500,000 you may be eligible to contribute the remaining allowance as a “catch-up” in the following year before tax. For example, if you contribute $10,000 in 2022, you can contribute an extra $17,500 in 2023 in addition to your $27,500 allowed in 2023.
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Non-Concessional contributions
You are able to make contributions from your savings after tax and you will not be subject to a contribution tax into your super-fund. This is called a non-concessional contribution and the amount you can contribute to your super fund in this way is capped at $110,000 per year.
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Spouse contributions
A tax offset of up to $540 per year may be claimed if you make contributions into your spouse’s eligible superannuation fund. There are several eligibility requirements which include your spouse’s income being less than $40,000 and your spouse must be under 75 years of age.
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Downsizer contributions
If you’re over 60 and you have “downsized” (recently sold your house which you have owned for at least 10 years and lived in for a period during this time) then you may be able to contribute up to $300,000 per person from the proceeds of the sale into your superannuation fund.
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If you’d like more information on how to best manage your superannuation, please feel free to contact us and speak to one of our financial planners.

This information has been produced by Jack McNamara, an Authorised Representative of Personal Financial Services Limited (ABN 26 098 725 145), of Level 10, 88 Philip Street Sydney NSW 2000, AFS Licence no. 234459. Any advice in this document is general advice only and does not take into account the objectives, financial situation or needs of any particular person. It does not represent legal, tax, or personal advice and should not be relied on as such. You should obtain financial advice relevant to your circumstances before making investment decisions. West Carr & Harvey Financial Planning is a registered tax (financial) adviser and any reference to tax advice contained in this document is incidental to the general financial advice it may contain. You should seek specialist advice from a tax professional to confirm the impact of this advice on your overall tax position. Whilst every care has been taken in the preparation of this information, it may not remain current after the date of publication and PFS and its related bodies make no representation as to its accuracy or completeness. Published: August 2022 © Copyright 2022