Additional spouse contributionsIf you even out the super contributions between yourself and your spouse you may save in tax when you convert your super into a pension.Access your super while still workingIf you're over 55 and working part time you can now access up to 10 per cent of your super in the form of a pre-retirement pension and still be able to contribute to super.Super splitting with your spouseIf your spouse earns less than $10,800 and you add to their super you could receive a tax rebate of up to $540.Salary sacrificeIf you arrange for contributions to be made to superannuation from pre-taxed salary above the superannuation guarantee payments contributed by your employer, you will pay a maximum 15% tax (30% if earning over $300,000 pa) on the extra contributions rather than your marginal tax rate (up to a certain limit or cap).Co-contributionsIf you earn less than $48,516 and make additional contributions to your super, the government could match 50% of your contribution (up to $500).Small business capital gains tax (CGT) concessionsIf you own a small business, the proceeds of the sale of certain assets may be contributed to super so you can minimise CGT as well as maximise your retirement savings. A lifetime limit of $1.315 million applies to these amounts.Roll your super over into an allocated pension when your retireIf you use your super to start an 'allocated pension' (also known as an 'account based' pension) rather than cash it in, you can save tax on the lump sum (if under age 60). Another benefit is that the returns on your allocated pension are not taxed.Pension payments and withdrawals over 60If you are 60 or over your pension payments and lump sum withdrawals are not subject to tax where paid from a taxed superannuation fund.
NOTE There are caps on the amount of concessional (before tax) and non-concessional (after tax) contributions you can make each year. Please contact us if you would like to know more about what the caps are and how they work.
The Finance Brokers Association of Australia (FBAA) is a national association representing finance and mortgage loan writers throughout Australia.
AMP Accredited Financial Planners have been helping Australians by delivering the right balance of security and performance for over 160 years.
The Tax Practitioners Board provides an overview of our continuing professional education requirements for tax agents, BAS agents and tax (financial) advisers
AFG is now one of the largest providers of mortgage broking services in the country, offering more than 1,400 financial products from Australia’s leading lenders.
© 2020 MINT FINANCIAL SOLUTIONS PTY LTD is a Corporate Authorised Representative and Credit Representative of AMP Financial Planning Pty Limited ABN 89 051 208 327 Australian Financial Services Licence 232706 and Australian Credit Licence 232706.