April 15, 2024

Luke on 2CC – PSS members Don’t miss out on a tax deduction!

17 minutes

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired on Friday 12 April 2024. Leon Delaney returns to the studio this week after his extended Easter break, lucky Leon! This week’s show considers misconceptions around The Public Sector Superannuation Scheme (PSS). Many government employees have a PSS Super or an equivalent military defined benefit account. Sadly, many PSS members are not making the most of their retirement savings options and this episode explores why. Thanks for joining us live on 2CC or your favourite podcast streaming service.

Key topics covered include:

What is the PSS?

How does the fund calculate your benefit?

Why is a your contribution important to this benefit?

Did you know you can make a contribution to another fund and get a tax deduction outside of PSS? Many PSS members miss out on a tax deduction!

What is the current tax deductible or Concessional Contribution Limit for this year? Did you know it’s rising to $30,000 on 1 July 2024?

How do I work out my Concessional Contribution Limit?

You also need to lodge your ‘Notice of Intent to claim a tax deduction’ for your contribution to super with the super fund you make the contribution too.

Are there other strategies you can use like Super Splitting which might help you retire sooner?

Luke shares his top tips when thinking about making the most of the PSS and your retirement.

https://www.envisionfinancial.com.au/wp-content/uploads/2024/04/12042024-The-Strategy-Stacker-Luke-Talks-Money.mp3

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

Are you making the most of your super to plan for your retirement?

The PSS is complex as it’s a defined benefit scheme. You can however have a second super fund and make even greater contributions for your retirement. You may even get a tax deduction along the way! 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, 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’ soon. 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