By making an after tax contribution to your superannuation before the end of the financial year , you could boost your retirement saving for future and Clam Tax Deduction Now !


Benefit today and tomorrow: If you make super contributions from your after-tax income or savings, you may be able to claim them as a tax deduction and reduce your taxable income, while boosting your super.

The contribution will then be taxed in your super fund, generally at the concessional rate of up to 15% (or up to 30% for higher income earners). This is instead of paying tax at your marginal tax rate, which could be up to 47% (including the Medicare levy). Depending on your circumstances, this strategy could result in a tax saving of up to 32% – and help you retire with more.

How much can I contribute? Personal super contributions claimed as a tax deduction count towards your concessional contribution cap, which is $25,000 in the 2020/21 financial year.
Also, keep in mind that all employer contributions (including superannuation guarantee and salary sacrifice) and certain other amounts are counted towards this cap.

Need advice? If you’re thinking about investing more in super, we can help you decide whether making a personal deductible contribution is right for you. We have team of investment advisor and we can also help you assess all your options that may help build a healthy retirement nest-egg

If you are looking to retire take advice from financial advisor Melbourne it's time to take the stress out of planning for the future and enjoy every day as it comes. Speak to our Financial Planners about your retirement needs today.
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Author's Bio: 

This information is shared by Jenny about Boost Your Retirement Saving For Future and take advice from Retirement Planner Experts.
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