August 21, 2024

Luke on 2CC – How to get the maximum into super and lower your tax

17 minutes

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired live on Friday 16 August 2024. Those who work enjoy the contribution their employer makes to super for them, but it surprises many to learn that there are limits on what you can put in. It’s quite strange really, as you think the government would be trying to encourage everyone to save more so they have to pay less in the form of Centrelink Pensions. This episode aims to provide some general financial information about super contribution types and limits. Thank you for joining us live on 2CC or your favourite podcast streaming service with ‘The Strategy Stacker – Luke Talks Money’.

Key topics covered include:

There are two types of super contributions, contributions with deductions and contributions without deductions.

Contributions with tax deductions, there’s a $30,000 limit you can put in (this limit includes the contributions your employer makes for you)

Contributions without tax deductions, there’s a $120,000 limit you can put in.

But you can put in up to 3 years worth of contributions without tax deductions, but know you’re locked out from contributing more for the financial year you do it and the two financial years after it. There are additional rules around it – so know the rules before you make a decision to contribute.

Is there an age limit to making super contributions and getting a tax deduction? Yes, it’s 67 years, but higher if you’ve worked 40 hours in a month.

Is there an age limit to making super contributions and not getting a tax deduction?

How does the downsizer legislation work and what is that limit?

Can I use the limit amounts I haven’t used in the past 5 years and get a tax deduction?

Luke shares his top tips to help you start thinking about how to use the contribution rules given different life situations.

https://www.envisionfinancial.com.au/wp-content/uploads/2024/08/The-Strategy-Stacker-Luke-Talks-Money-16082024.mp3

This podcast is also available on Apple Podcasts and Spotify – ‘The Strategy Stacker – Luke Talks Money’

Are you ready to make more of your super or start retirement planning?

Are you making the most of your superannuation contribution limits? There’s some strategic reasons for claiming tax deductions, and there are also some reasons not to. Seek advice if you need help to make the most of your retirement savings. tax and Centrelink position.

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. Simply 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 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