Three tax saving superannuation contribution types you need to know

The end of the financial year is on its way and there’s three main superannuation contributions that I want you to know so you can make some decisions that might just save you some tax this financial year. The first years concessional contributions. This is where you pay money into superannuation at 15% instead of your marginal tax rate. The amount you can put in is limited but pretty substantial up to $30,000 per year including your employer contributions of 12%. The next two were not quite so generous in percentage terms are very attractive and the first is co-contributions for those to earn under approximately $46,500 and you make a after tax contribution of $1000. The government will give you $500 for free into your super graduation fund. This is a 50% return on your money and remember you do need to complete a tax return. The next is spouse contributions if your spouse earns less than $37,000 you can put it up to $3000 into their superannuation fund and get an 18% tax offset saving you $540 in tax. Please remember that Superannuation contributions not only need to be made prior to 30th of June this financial year but actually has to make its way into your actual fund, so making the payment online is not enough you need to give it time to get there. As always this is general advice. #EOFY##financialadvice #superannuation #investing##retirement