Now that the 2018 financial year is drawing to a close, it’s not too early to put in place the right strategies to kickstart your Superannuation for the financial year ahead.

We have asked Financial Planner, Michael Huynh, from our partners at Wealth Protect Financial Services to give us his top tips on how to boost your retirement savings while potentially saving on tax.

1. Add to your super – and claim tax deduction

If you contribute a portion of your after-tax income or savings into super, you may be able to claim a tax deduction. The contribution is generally taxed up to 15% in the fund. Depending on your circumstances, this is a potentially lower rate than your marginal tax rate, which could be up to 47% – meaning you could save up to 32%.

2. Get more from your salary or a bonus

As a salaried employee you may be able to have your employer direct some of your pre-taxed earnings or bonus into a salary sacrifice contribution. You will potentially pay less tax on this money than if you received it as take-home pay.

3. Convert your savings into super savings

Making a personal non-concessional contribution into your super is another way to invest more into super. Although this will not reduce your taxable income there are still benefits to be had from the low tax rate of up to 15%.

4. Get a Super Top Up from the Government

If you earn less than $51,813 and at least 10% is for your job or business, you may want to consider making an after tax super contribution as the government may make a contribution of up to $500 into your super account.

5. Boost your spouse’s super and reduce your tax

If your spouse is on a low income or is not working, it may be worthwhile considering making an after-tax contribution into their super account. This strategy could benefit you both as your spouse’s super increases and you may qualify for a tax offset of up to $540.

It’s never too early or too late to look at boosting your super. Michael Huynh and his team are the people you need to be speaking to for all your retirement planning and insurance needs. To enquire, just ask the Blackburne Mortgage Broking team and we’ll put you in touch with Wealth Protect today.