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Boosting your super contributions

Superannuation is still one of the best ways to accumulate savings for retirement. To make the most of your super, members need to be ‘super savvy’ and be aware of tax-effective strategies that can help boost their super and achieve their financial goals.

1. Review your super fund and insurance options to determine if it is the right fund for you. If you have ever had more than one job, it’s likely that you also have more than one super fund. Consolidating could lower your fees and make a big difference to your end balance.

2. Salary sacrificing is a great way to grow your super and minimise tax at the same time. Advise your employer to allocate a portion of your before-tax salary into your super account, which are only taxed at a maximum of 15 per cent.

3. Spouse contributions, where you contribute an amount to your partner’s super, can help reduce your family’s annual tax bill.

4. Be aware of the contributions caps. The Government recently made changes to the treatment of excess non-concessional superannuation contributions, which may affect how much you contribute each year.

5. Take advantage of Government co-contributions. Individuals who earn less than $49,488 per year and make a non-concessional contribution to their super are eligible for a Government co-contribution.

Posted on 9 June '15 by , under Super.

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Amnesty means that 24,000 businesses own up to underpaying Aussies superannuation

An amnesty scheme which ended earlier this month has caused around 24,000 businesses to admit to underpayment of their worker's super. A total of 588 million dollars will be distributed to almost 400,00 individuals.

The scheme, which covered payments from the introduction of super in 1992, gave employers the opportunity to come clean without any consequences as long as they paid the unpaid super as well as 10% interest for every year the money was overdue.

The ATO will be directing its attention at any businesses that did not admit fault and these businesses will face severe penalties.

Many individuals are looking to access their superannuation early in order to have support during these times. Although there is criticism of early access to super, this facility has been helpful to many families to keep afloat.

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