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5 super tax saving strategies you may not be aware of

It’s only one month until the end of financial year and many Australians are scrambling for ways to pay less tax. Here are five tax saving strategies that you can employ with your superannuation that will put more back in your pocket.

The Australian and super tax system isn’t the easiest to get your head around. However help is at hand – the Financial Spectrum team has just expanded to include five new chartered accountants ready to deliver tax benefits to you. If you would like to take advantage of any of these strategies, or to get your return done, get in touch with us.

1. Salary sacrifice

Arrange with your employer to make personal contributions to your super straight from your pre-tax salary.  This will reduce your taxable income, putting more money in your back pocket and will of course boost your super balance in the process.  Just make sure that your personal and employer contributions don’t exceed the $25,000 concessional contribution cap, as any amount over this cap will be taxed at the top tax bracket.

2. Boost your super

Transfer some of your savings into super as a lump sum and claim a tax deduction. Note that this is only an effective strategy if you haven’t yet reached $25,000 concessional contributions cap, as any amount over this cap will be taxed at the top tax bracket.

3. Split with your partner

You can now allocate part of your super contributions to your spouse, providing you don’t exceed the $25,000 concessional contributions cap.  This way, you’re bolstering up their balance and helping keep a lid on yours.  The closer you can make your super balances, the more tax effective you’ll be in retirement too.

4.  Grab the super government top-up

For those who earn less than $51,813 and more than 10 percent of your income is from employment (i.e. not investment income) the government will match your after tax super contribution up to $500.  That’s free money you’d be silly to turn down.

5. Claim a tax offset for your spouse

If your spouse earns less than $37,000, you can contribute up to $3,000 to their superannuation fund and get a $540 tax offset for your own return. Note this is a tax offset, not a tax deduction, so you get all $540 back as either a return or as a reduction in the amount of tax that you must pay.

We highly recommend you seek the services of a good, qualified accountant to maximise your tax deductions.  A good accountant will take the time to understand your personal situation and how you derive your income.  This will help them to establish what deductions you’re entitled to, rather than simply plugging information into an online form.  As you develop a relationship with your accountant, their understanding of your current circumstances will improve and so should your return.  They will also be able to give you advice should you wish to make any changes to your circumstances, such as moving from full time permanent employment to contract work or changing your business structure from being a sole trader to operating as a business.

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Our response to limit the spread of COVID-19

  • As COVID-19 continues to spread, we would like to take a moment to let you know what Financial Spectrum is doing to respond.

    While we haven’t been directly affected with any confirmed cases, we are taking all reasonable precautions to remain safe.Our priorities are:

    1. Keep our staff and clients safe
    2. Stay fully operational in our service delivery and continuing to manage your financial affairs
    3. Play our part in minimising the impact on our community against the spread of COVID-19

    Financial Spectrum has the technology, infrastructure and systems to continue business as usual remotely and our staff will now be working from home.

  • You should notice no change to our service, with the exception that we are encouraging our clients to meet via video call, rather than face to face, unless requested. We will be contacting all clients with meetings booked over the next two weeks with instructions for a video call.This is an evolving situation and we will continue to monitor developments. We will keep you informed of any material changes to our approach.

    These are unprecedented times and we understand that many of you will be feeling unsettled about your finances. We would like to assure you that we are open for business and are here to help you. If you don’t have a meeting booked but would like one, or if you have questions, please contact us at info@financialspectrum.com.au or on
    02 8238 0888

Brenton Tong

Managing Director

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