With the end of financial year looming, RCSA and its Principal Partner, Prime Super are encouraging members to pause and think about their Super.
“Super is something people can unintentionally overlook and leave to its own devices, says RCSA CEO Charles Cameron.
“When we have hosted events and had the Prime Super team quiz our members on their super habits, it has been surprising to learn that a lot of people aren’t as engaged with their accounts as they could be. With the new financial year about to begin and finances front of mind, it’s the perfect time for people to reassess and re-evaluate their position.”
Before June 30 ticks over, Prime Super encourages you to consider if making additional contributions to your super account to boost your balance is right for you. National Sales Manager Gil Sebbag says it is even possible to use your super to reduce your taxable income by making an additional contribution and claiming it as a tax deduction.
“Members earning a lower wage may also benefit from the Government co-contribution where they could receive up to $500 in their account.
“Thanks to compound interest, even the small amounts you tuck away in your super today will help to grow your super to enjoy in your retirement.”
Prime Super has highlighted three areas where super can be ‘super’ at tax time.
- Carry forward rule
There’s a maximum amount of contributions you can make to your super each year while saving on tax. If you haven’t reached the limit for the past five years, you may be able to gather the unused amounts to save more tax this year.
- Spouse contributions
If your spouse is a low-income earner, you may be able to top-up their super with after-tax contributions and become eligible for rebates when you lodge your tax return.
- Salary sacrifice
Prefer to make smaller, consistent payments throughout the year? You can boost your income in retirement, by consistently growing the amount you have invested in your super account.
“Our goal is to help members making additional contributions, empowering them to understand how super can reduce their taxable income or simply boost their super balance to enjoy a comfortable retirement.” says Head of Retirement, Advice and Service Maria Ganakas.
You can find more information here.
Prime Super is not a registered tax agent. Please refer to the ATO website at ato.gov.au or speak to a professional tax agent for further taxation information. For a Product Disclosure Statement and Target Market Determination call 1800 675 839 or visit primesuper.com.au/pds. Prime Super Pty Ltd ABN 81 067 241 016 AFSL 219723 RSE L0000277 (Trustee), Prime Super ABN 60 562 335 823 RN 1000276.