April 17, 2023

Luke on 2CC – Defined benefit funds and income tax deductions

18 minutes

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired on Friday 14 April 2022. Both Luke and Leon return to the studio after last Friday’s Good Friday public holiday. They start the show by talking about Luke’s just released new book ‘Smart Money Strategy’. The topic this week though is an important one – Defined benefit funds and income tax deductions – can you lower your income tax?

Key topics covered include:

CSS PSS – Government Super Funds

DFRDB MSBS – Military Super Funds

How do they differ from other types of accumulation super funds?

How can you use your defined benefit fund to reduce your taxable income?

Do you know your contributions cap?

Did you know you can use another accumulation fund as well as your defined benefit fund?

Don’t forget your notice of intent!

What should you consider if you want to lower your taxable income when you have a defined benefit fund?

https://www.envisionfinancial.com.au/wp-content/uploads/2023/04/The-Strategy-Stacker-Luke-Talks-Money-14042023.mp3

Also available on Apple Podcasts and Spotify – ‘The Strategy Stacker – Luke Talks Money’

Do you need help to make the most of your defined benefit super and retirement savings?

If you haven’t looked at your defined benefit fund in a while and considered your concessional contributions cap, you could be missing out growing your retirement savings and getting a personal income tax deduction. Seek advice if you need help.

Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Make an appointment to confidentially discuss investment, super, insurance and/or retirement planning. Call Envision Financial Services on 6260 4749. You can use the contact us form to make an appointment, for a confidential discussion about your situation.

Luke will return to talk about financial planning on 2CC on 21 April 2023. You can also catch up with The Strategy Stacker – Luke Talks Money podcast at a time that suits you.

We look forward to your company again and Smart Money Strategy – Your Ultimate Guide to Financial Planning is out now.

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By Luke Smith