Time is running out this financial year to take action to review your superannuation fund. Here’s what you need to know about your superannuation account ahead of the EOFY deadline.
The end-of-financial year is a hectic time for most people.
But it’s important you take some time out in the lead up to the new financial year to review your superannuation account.
Here are some quick tips regarding superannuation accounts before July 1 rolls around.
1. Boost your partner’s superannuation
If your spouse is a low-income earner, you can make a $3,000 after-tax contribution to their super fund and receive a tax rebate of up to $540.
Now even though this might not apply to your situation, you might want to let your children and other loved ones know – or put them in touch with us.
Just remember not to leave the co-contribution to the very last minute – the payment needs time to clear to ensure it is received before the EOFY.
2. Boost your own superannuation
You may be able to make a personal contribution to your super fund, and claim a tax deduction on this contribution. You are able to make concessional contributions to super up to $25,000 per year. Included in this figure is the amount that your employer contributes. You are able to ‘top-up’ your contributions with your own personal funds and claim a tax deduction on the ‘top-up’ amount.
If you’re a low or middle-income earner, you can make an after-tax contribution of $1000 into your own super fund before the EOFY and the government will co-contribute up to $500.
Once again, if this co-contribution isn’t applicable to you, it might be for someone else you know who isn’t earning as much and would like to give their super fund a bit of a boost.
Just be sure to give them warning ahead of June 30.
3. Review your superannuation fund
The end of Financial Year is a great time to review the underlying investments, fees and performance of your superannuation fund.
Ask yourself, are you confident that the fees you are paying are competitive?
Have your investments performed well compared to the alternative options?
Are you taking on too much investment risk? Or are your funds invested too conservatively?
4. Review the insurance cover within your superannuation fund
Do you know that you may have some insurance cover within your superannuation fund?
How much cover do you need vs how much you currently hold?
Is your insurance cover appropriate for your needs?
Are the premiums high or low compared to the other options?
When you review your superannuation fund, it’s the perfect time to also review your personal insurance cover.
Get in touch
If you’d like to find out more about any of the above opportunities, then please get in touch.
We’d be more than happy to run through your financial situation with you to ensure you’re making the most of your superannuation accounts.
If this article interested you and you would like to speak to Pat Casey on the phone, select a time to speak Pat – Financial Planner Sydney.
At Assure Wealth we specialise in helping busy, successful families structure their finances to achieve greater wealth and financial peace of mind.
Disclaimer: The information provided on this website has been provided as general advice only. We have not considered your financial circumstances, needs or objectives and you should seek the assistance of your Walker Lane Pty Ltd Adviser before you make any decision regarding any products mentioned in this communication. Whilst all care has been taken in the preparation of this material, no warranty is given in respect of the information provided and accordingly neither Walker Lane nor its related entities, employees or agents shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information.
Assure Wealth Pty Ltd ABN 31 965 466 780 Corporate Authorised Representative no. 1244817, Patrick Casey Sub-Authorised Representative no. 1244748 of Walker Lane Pty Ltd ABN 70 626 199 826, an AFSL holder No 509305.