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24 January, 2023
Using your superannuation as a legal tax haven
First Financial Team
Move over Bermuda…
Ordinary Australians can carry around a legal tax haven in their back pocket if they make the most of their superannuation, according to First Financial Principal James Wrigley.
“Name somewhere else you can have $2 million per person in tax-free assets, not paying a dollar of tax on income, not paying a dollar of tax on capital gains and paying you a tax-free income in retirement,” James says.
There’s no other structure that exists like that in Australia.
The sooner people realise that, the better off they’re going to be and the safer they’re going to be in retirement.”
So how can you make your superannuation work for you to unlock tax savings?
This article covers some of the tax benefits available when making the most of superannuation contributions.
Tax and super contributions
If utilised fully and structured correctly, superannuation can form the centrepiece of your investing, asset protection, tax and estate planning objectives.
At First Financial, we believe that the earlier you start retirement planning, the more opportunities you’ll have to accumulate wealth along the way.
Everyone’s retirement scenario is different, and that’s why a face-to-face conversation with one of our financial advisers is the best place to start talking about retirement planning.
So how do you make the most of your superannuation when it comes to tax?
Pre-tax salary sacrifice tax benefits
Salary sacrifice is a pre-tax superannuation payment you make out of your wage that will lower your marginal tax rate by reducing your take home pay.
These concessional contributions are taxed at 15% if you earn under $250,000 or 30% if you earn over $250,000, which is lower than the marginal tax rate for most Australians – allowing you to boost your superannuation balance and pay less tax at the same time.
These concessional contributions are capped at $30,000 per person, per year, but you may also have access to catch up concession contributions – allowing you to contribute more than this cap.
Want more salary sacrifice advice?
Our team can add certainty to your retirement future.
After-tax super contributions
Many people who are committed to harnessing the power of superannuation to work towards a financially secure retirement also choose to make after-tax contributions.
After-tax contributions are known as non-concessional contributions because you have already paid tax on the money.
The cap on non-concessional contributions per year is $120,000, or you may be able to access the bring forward rules and contribute up to $360,000 in one go.
Spouse contributions
One way to reduce your overall tax is opting to make a spouse contribution.
If your spouse is not working or has a low income, you may be able to make an eligible contribution to your spouse’s super fund and claim a tax offset in doing so.
Talk to your financial adviser about the potential tax savings by making spouse contributions.
Superannuation income stream tax benefits
When the time comes to access your superannuation via an income stream, there are opportunities to access this money tax free.
You must have reached ‘preservation age’ to access your superannuation benefits.
For most superannuation funds, if you access your superannuation after turning 60, it is generally tax free.
Speak with your financial adviser about accessing your superannuation.
If you are moving towards retirement or a transition to retirement, ask your financial adviser to discuss the superannuation income stream tax benefits that may be available to you.
Save tax, grow your super and retire comfortably
Making extra contributions to your super will grow your retirement savings, may save you tax and can help you retire comfortably.
When it comes to superannuation savings, every little bit counts, and salary sacrificing to reduce your taxable income is a strategy many Australians should consider.
At First Financial, we know that to most Australians, superannuation rules and benefits are complex, and figuring out your eligibility for many superannuation incentives can be challenging.
Our team has extensive experience in harnessing the Australian superannuation system to offer you the best tax savings possible, bring your dream retirement closer to reality and reap the rewards along the way.
Our financial advice is tailored to your individual circumstances and helping you to maximise the benefits of superannuation is a core pillar of our philosophy.
To ensure you are taking full advantage of your superannuation, speak to one of the superannuation specialists at First Financial today.
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