1. Optimise super contributions
Review your contribution amounts and types already made and make additional contributions to optimise the super caps.
2. Spouse contribution splitting
It’s now MORE important for couples to consider evening up your super balances, due to the $1.6 million cap on pension accounts after 1/7/17. Couples can split up to 85 per cent of concessional contributions made this financial year with their spouse (provided the spouse is not over age 65 or reached their preservation age and retired).
Note: There are some rules on the timing of these so contact us for more information.
3. Make a spouse contribution and you could be eligible for a tax offset
Is your spouse’s assessable income, reportable fringe benefits and reportable employer contributions total less than $13,800? If yes then consider making a non-concessional contribution to your spouse’s super fund. The offset is calculated as 18% of the contribution, up to a maximum of $540 (requires a $3,000 contribution).
4. Last Chance to receive a government co-contribution of up to $500
If your income* is less than $51,021 then consider making a non-concessional contribution of up to $1,000 to super. The maximum co-contribution is 50 per cent of the contribution, up to a maximum $500 for income below $36,021.
If you want to pay less tax or get free money from the Government, book an obligation free Super Strategy Session with a CFL advisor here!