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Most people think of super as the account their employer pays into and they check once a year. Look a bit closer and it’s one of the most flexible, tax-friendly tools you have for building wealth. Here are three superannuation hacks that change the way you think about it. None of them are loopholes. They’re
Salary packaging for not-for-profit employees allows eligible workers to pay for certain with their pre-tax income.
The FHSS scheme takes advantage of the tax benefits of superannuation to help you save a deposit more effectively.
Contribution splitting allows individuals to transfer up to 85% of their concessional (before-tax) super contributions to their spouse’s super account.
Salary sacrifice to super can be a great strategy to help minimise tax and build your retirement nest egg.
The transfer balance cap is the maximum amount that can be transitioned from the accumulation phase to retirement phase.
For every dollar you contribute to your super (up to $1,000), the government will contribute 50 cents, up to a maximum super co-contribution of $500.
A spouse contribution involves making a voluntary contribution to your spouse’s superannuation account in return for a tax offset.
The downsizer contribution allows eligible people to contribute up to $300,000 from the sale of their home into superannuation.
