Should you make a contribution to super before June 30?
Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Show which aired on Friday 16 April 2021. This week’s topic: Should you make a contribution to super before the end of financial year? It seems like we just had Christmas but the end of financial year is fast approaching.
There’s a few things to consider when contributing to super and Luke explores them with Leon. They start the show though talking about this weeks navy dancing controversy. It certainly did raise a few eyebrows. Like Luke, we’ll let that one go through to the wicket keeper!
Key highlights include:
- The end of financial year is fast approaching
- There are many reasons why people might make a contribution to super
- To get a tax deduction, it’s called a concessional contribution
- To not get a tax deduction, it’s called a non-concessional contribution
- With retirement in mind. How do you want to draw your income in retirement?
- Remember limits apply to how much you can put into super as a concessional and non-concessional contribution.
- Do you know about the carry forward rules?
- What happens if you’re approaching retirement – do you know the work test has been raised from 65 to 67?
- Do you know the downsizing rules around people selling their home to buy a smaller home?
- Remember the funds need to be cleared BEFORE the end of financial year to be eligible before the current financial year
- Always start with the end in mind before making a contribution – Why are you doing it?
- Luke shares his top tips to consider and strategies around 30 June contribution strategies
- Everyone has different goals and financial planning advice can help you achieve them more effectively, especially when you link different strategies.
Listen to the Podcast right now
Also available on Apple Podcasts and Spotify ‘The Strategy Stacker – Luke Talks Money’
Do you need advice around super contributions?
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Superannuation and retirement can be complicated but the good news is you can make an appointment to speak with Luke about your specific situation, goals and objectives.
Make an appointment to confidentially discuss your own super, investment, insurance or retirement goals. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.
Luke will return to talk about financial planning on 2CC next Friday fortnight. You can also catch up with The Strategy Stacker – Luke Talks Money podcast. We look forward to your company again.