September 24, 2024

Luke on 2CC – How to salary sacrifice and make personal deductible contributions at same time to lower your tax

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired live on Friday 20 September 2024. The topic this week is how to salary sacrifice into super and make personal deductible contributions at the same time to lower your personal income tax. Australian’s love a tax deduction, but many people don’t understand the different ways to do it. This episode aims to provide some general financial information about how to contribute to your super for your retirement. 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:

What is the different between a personal contribution to super and a salary sacrifice contribution?

Don’t forget to complete your ‘notice of intent to claim a tax deduction form’, send it to your super fund if you make a personal contribution

If you’re making a personal contribution, could you use money from an offset account?

Are there any differences between the two options?

Can you use both strategies at the same time?

The limits you can put into apply to both ways to make contributions

When might salary sacrifice be the right option for you?

When might you use personal contributions?

When might you use both contributions methods?

Why it’s important to consider your personal situation and circumstances and goals

Luke shares his top tips to help you start thinking about contributing to super and getting a tax deduction

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

Do you need help with superannuation or retirement planning?

Have you unlocked your tax deduction by making a personal contribution to super. a salary sacrifice contribution to super or by doing both? Choose the path that’s right for you and seek advice if you need help to make the most of your retirement savings.

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