Superannuation is your superpower!

Hey there!

Superannuation can be such a superpower.?

It’s not just a place for money to be dumped by your employer for retirement.?

Oh no no no.?

It’s so much better than that!?

And if you nail it in your 50s, you’ll thank yourself in the future.??

Most of us know that super is money we can access in retirement.?

Money comes into your superannuation in two ways.?

Either it’s a part of your wage or from your own pocket.?

Now there are limits as to how much you can put in your super each year.?

Wages aka concessional contributions have a $27,500 limit per year.?

If it’s from your own bank account, it’s $110,000.?

The nifty thing about contributing from your pocket is that you can combine a few years worth of contributions.?

This brings your total cap to $330,000 for 3 years, we call it the carry forward rule.??

Ok, you are probably wondering why ANYONE would want to do this.?

Well, when you contribute from your wages, it’s taxed at a max of 15%.?

Happen to earn $250,000 a year? Well, your tax rate is 30%.?

I know what I’d prefer.?

Your own money you have already paid some tax on it, so you won’t need to double up on tax when you contribute.?

Then there’s something called the preservation age, which is usually above 60.?

That’s when we can draw a pension from that superannuation.?

Still working?

Your assets in your super will still be taxed at 15%.?

Retired?

The assets in your super will be taxed at 0% on the first $1.7 million of assets.??

We could be here forever talking about the ins and outs of super.?

We haven’t even scratched the surface!?

But if you want a great way to minimise tax, definitely one to pay attention to.

And if you ever need help navigating it all, reply back to this email!?

It can be a lot, but it doesn't have to be with the right help.?

Have a good week ahead!?

Until next time.?

Steve?

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PS: Whenever you're ready,?there are three ways I can help you…

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General advice disclaimer: The information contained within this post is general in nature and does not take into account your personal circumstances. Please reach out if you wish to discuss your personal situation.