The end of the 2014/15 financial year is fast approaching, so now’s the time to review what strategies you can use to minimise your tax.
- Sacrifice Your Salary to Super
Salary sacrifice can be a great way to boost your superannuation and pay less income tax. By putting pre-tax salary into super rather than having it taxed as normal income at your marginal rate you may save tax. This can be especially beneficial for employees nearing their retirement age.
- Superannuation Contributions
Certain individuals may be able to make tax-deductible personal contributions to superannuation. The advantage of this strategy is that superannuation contributions are taxed at 15% compared to typical personal income tax rates of between 34.5% and 49%. Superannuation contributions are limited to $30,000 per year for persons under 50, and $35,000 for persons over 50 years of age. Any contributions in excess of these limits can be taxed at the highest rate. Be careful not to go over these limits! Please contact us to determine if you are eligible for this deduction.
Contact us before the 30 June 2015 deadline for assistance to reduce your tax!
Email: firstname.lastname@example.org or call Julian on 0408033696
This information is general nature and does not take into account your individual needs and objectives.
Please do not act on any information before seeking advice from a qualified Accountant and a licensed Financial Planner.