Jamie McIntyre - June 27, 2016

It’s nearly June 30, but don’t panic.

As this financial year comes to an end, rather than panicking about last minute ‘Pre June 30’ tactics, we would rather draw your attention to planning for an active and effective new financial year.

Let's start by looking at superannuation. A healthy superannuation fund will make a big difference when you are no longer working. By considering the taxation benefits in advance, you can take advantage of them without having to find large lump sums of money at the last minute. Here are three tactics that can save you money:

1. Topping up your super

Using your pre-tax salary to top up your superannuation could reduce the amount of tax you pay in that financial year. The limit is up to $30,000 of your pre-tax salary (including employer contributions), and it will only attract a 15% tax rate if you earn under $300,000 per year. This is usually lower than your income tax rate and will make a big difference to the end result, your retirement nest egg.

It is easy to have a salary deduction made and put into your super fund via your employer. We are able to do this very easily for you, so please don't hesitate to contact us.

2. Share with your partner

If your partner isn’t working, taking a career break to raise children or will earn less than $10,800 per financial year, it may be worth considering making a co-contribution to their super account and claiming an 18% tax offset. The 18% tax offset is on the first $3,000 of after-tax contributions.

3. Consolidate

We all know we should do it, and it is much easier than you think. If you have multiple accounts, with multiple organisations, you are paying multiple fees. Set a goal for yourself to spend some time and bring it all into the one account. We are happy to help you work out which is the best investment outcome for your personal circumstance.

I would also like to take the opportunity to thank you for what has been a fantastic year for us at MAC Financial. Not only have we gained great satisfaction from helping our clients grow their personal wealth, but we have also settled into the new office building at Suite 2, 343 Pakington Street, Newtown.

If you haven’t already called in, please do, we are happy to show you around – and also to talk about superannuation in the process.

Best regards,

Jamie McIntyre