/// FINANCE

You can ignore your super and hope that one day it will be able to support you in retirement, or you can take an active involvement in its growth.

For a comfortable retirement, Australia’s super industry research body, the Association of Superannuation Funds of Australia (ASFA) has estimated a couple would need an annual income of $59,971. If you don’t think your super balance is on track to achieve this, you might want to try some of these strategies for maximising your super

1. Monitor your fund’s performance

Common property is an area in a development that is owned by and is for the use and enjoyment of all affected lot owners. The plan of subdivision shows which areas of a development are common property and which areas are privately owned lots.

2. Do it Yourself Super

A self-managed superannuation fund (SMSF) will give you control over how your super is invested if you are prepared to put in the time and effort required. When you run your own SMSF you can quickly buy or sell assets, choose your own shares and invest in property. There are numerous benefits to establishing an SMSF, but there are also risks. It’s important to seek professional advice and do your research on reputable sites like ASIC’s Money Smart.

3. Salary Sacrifice

Ask your employer to reduce your salary and put it in your super fund account. This salary sacrifice strategy means you are continually contributing a part of your pre-tax salary to your super instead of taking it as cash. In addition to boosting your super, it will entitle you to tax benefits.

4. Know your tax entitlements

If your spouse earns $37,000 or less you are entitled to a tax offset when you contribute to their super account. Low income earners with a taxable income of up to $37,000, who make after tax contributions to super receive a tax offset contribution into their super provided they meet certain requirements. If you are self-employed, your personal super contributions are fully tax deductible provided you meet age and other eligibility criteria.

5. Combine your accounts

Locating all your lost super and consolidating them into a single account will make it easier to keep track of everything and you’ll only have to pay one management fee.

Veki Brdjanin
Director

P 03 9644 3830
E veki@uniqgroup.com.au