The deadline for EOFY super co-contributions is approaching.

Designed to help individuals save for retirement within superannuation, the scheme allows you to make either concessional or non-concessional contributions. Voluntary contributions effectively allow you to reduce your taxable income and potentially lower your marginal tax.

If you have a child at university or partner working part time, this may provide an opportunity to strategically structure wealth across the family unit. For low-income earners, the government will pay a 50% super co-contribution of up to $500. Eligible individuals generally need to be earning between $47,488 and $62,488, with a super balance less than the general transfer balance cap at the end of 30 June.

Taking a tax-effective approach to super can benefit intergenerational planning and help you and your family build sustainable wealth, and it may also play a role in your inheritance planning.

The lead-up to EOFY can be a great time to review your tax planning. Our financial planners can help you structure your income, investments and superannuation so your tax position best supports your long-term financial goals.

For help with your tax or superannuation strategies at any stage, we’re here for a confidential discussion.

General Advice Warning:

The information in this blog is general in nature and does not take into account your personal objectives, financial situation or needs. You should consider whether the information is appropriate for you and seek professional advice before making any financial decisions.
Newealth Pty Ltd ABN 61 091 100 275 | AFSL 231297