If your partner earns taxable income of less than $39,837 (up to maximum threshold of $54,837) and you put an after-tax contribution of $1,000 into super, the government will kick in $500. It’s a no brainer if you’ve got the cash.
𝐓𝐈𝐏 𝐎𝐅 𝐓𝐇𝐄 𝐃𝐀𝐘: Look at the income level for you and your spouse, and consider this strategy with your financial planner to boost your super.
With the benefits of compound interest working for you in a low tax environment that could amount to a juicy sum on retirement.
Tight for cash? Consider paying $20 a week over the year instead of a one off payment before June.
Like any tax advice make sure you get help for your specific situation.
𝐈𝐟 𝐲𝐨𝐮 𝐚𝐫𝐞 𝐚 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐨𝐰𝐧𝐞𝐫 𝐚𝐧𝐝 𝐲𝐨𝐮 𝐚𝐫𝐞 𝐨𝐯𝐞𝐫𝐰𝐡𝐞𝐥𝐦𝐞𝐝, 𝐈’𝐯𝐞 𝐠𝐨𝐭 𝐲𝐨𝐮𝐫 𝐛𝐚𝐜𝐤.
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