Minimising Tax and Growing Super
With the End of Financial Year nearly upon us, it is worth looking at ways to minimise your tax and also grow your superannuation. If you are under age 75 and are working there are many strategies you may consider two of which are outlined below.
Depending on how much you earn, after-tax contributions into your super may receive up to $500 from the government. The amount of government co-contribution depends on how much you contribute and what your income is.
Low income super contribution (LISC)
The low income super contribution (LISC) is a government superannuation payment of up to $500 to help low-income earners save for retirement. If you earn $37,000 or less a year, you may be eligible to receive a LISC payment directly into your super fund.
If these strategies relate to you and you wish to find out more information call us on 03 5557 9111