September 25, 2023

Luke on 2CC – How can I make a contribution to super and lower my tax?

17 minutes

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired on Friday 22 September 2023. The show today looks at breaking some of the myths around super, especially around growing it, while getting a tax deduction for it. The topic this week for the show is: How can I make a contribution to super and lower my tax?

Key topics covered include:

What is a deductible contribution to super?

What are the ways to make a deductible contribution to your super?

A personal deductible contribution means you can make a contribution to super and get a tax deduction.

Don’t forget your ‘Notice of Intent’ that you wish to claim a tax deduction. Make sure you send it to your fund.

Give the funds reply to your notice to your accountant a tax time, they can claim the deduction when doing your return.

What happens if I don’t put in a notice of intent – do I miss out on my tax deduction? Yes you do!

Would there ever be circumstances where you don’t want to claim a tax deduction by contributing to super?

Don’t forget about the limits on how many contributions you can make to super each year.

Finally, Luke shares his top tips around making contributions to super.

Remember seek advice if you need help. You don’t have to go it alone, it can be complicated especially when you don’t deal with it everyday.

https://www.envisionfinancial.com.au/wp-content/uploads/2023/09/The-Strategy-Stacker-Luke-Talks-Money-22092023.mp3

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

Do you need help with your super or retirement plans?

Super can be complicated, especially when you don’t deal with it often. If you need help to work out your super contributions or a retirement plan, seek financial advice.

Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals, including investment, super and retirement. Make an appointment to confidentially discuss your goals. 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 2CC to talk about other ‘Money Matters’ next week. 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 Luke’s book Smart Money Strategy is out now.

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By Luke Smith