April 8, 2019 admin

Smart Super Strategies for this EOFY 2019

With June 30 fast approaching, it’s time to start thinking about your super for another year. Here are five smart super strategies to consider before the end of the financial year.

To use any of these strategies you’ll need to meet certain conditions. A financial adviser can assess your eligibility and help you decide which strategies are appropriate for you.

The tax advantages of saving in super

Saving more in super can come with tax and other benefits this financial year – but that’s just the start. Once money is invested in super, earnings are taxed at a maximum rate of 15% – instead of your marginal tax rate, which may be up to 47%2. This low tax rate can help you build up savings for your retirement. When you do retire, you can also transfer your super into a ‘retirement phase’ pension3. Here, you won’t pay tax on investment earnings, and any income payments you receive from age 60 onwards are tax-free.

Getting advice

You’ll need to meet certain conditions before you can benefit from any of these strategies. A financial adviser can help assess your eligibility for using these strategies, explain the different options available to you in detail and help you decide which strategies are appropriate for you.

1. Includes assessable income, reportable fringe benefits and reportable employer super contributions. Other eligibility conditions apply.
2. Includes Medicare Levy.
3. There is a limit on the total amount that can be transferred to retirement phase in a person’s lifetime. This limit is $1.6 million in 2018/19 (subject to indexation).

Need advice?

You’ll need to meet certain eligibility conditions before benefitting from any of these strategies. If you’re thinking about investing more in super before 30 June, talk to us. We can help you decide which strategies are appropriate for you.

Important information and disclaimer
Although this information has been distributed by Odyssey Financial Management, Corporate Authorised Representative of Total Financial Solutions Australia Limited, it was prepared by GWM Adviser Services Limited (ABN 96 002 071 749, AFSL 230692) (‘GWMAS’), a member of the National Australia Bank group of companies (‘NAB Group’), 105–153 Miller Street, North Sydney 2060. Any advice provided is of a general nature only. It does not take into account your objectives, financial situation or needs. Please seek personal advice before making a decision about a financial product. Information in this flyer is current as at 1 February 2019. While care has been taken in the preparation of this flyer, no liability is accepted by GWMAS, the Adviser, Adviser’s Business, Licensee or its related entities, agents or employees for any loss arising from reliance on this flyer. Any opinions expressed constitute our views at the time of issue and are subject to change. Case studies are for illustration purposes only. Any tax information provided in this flyer is intended as a guide only. It is not intended to be a substitute for specialised tax advice. We recommend that you consult with a registered tax agent. To get more information visit ato.gov.au.

Corporate Authorised Representative of Total Financial Solutions Australia Limited
ABN 94 003 771 579 AFSL 224954

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This information is of a general nature only and has been provided without taking account of your objectives, financial situation or needs.
Because of this, you should consider whether the information is appropriate in light of your particular objectives, financial situation and needs.
Odyssey Financial Management is an authorised representative of Securitor Financial Group Ltd.