Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired on Friday 20 October 2023. The show today looks at Catch-up concessional contributions to super – they’re a great way to boost your super before retirement and get a tax deduction too. The catch-up concessional contribution strategy can be used in a variety of situations, and is great for stay-at-home parents, professionals, pre-retirees, self-employed/contractors, farmers, or those selling assets or receiving an inheritance.
Key topics covered include:
- A quick re-cap of concessional and non-concessional contributions to super
- What is the limit on the amount of concessional contributions you can put into super each year? Answer: $27,500 per year.
- So what are catch-up concessional contributions – how much more can you put in as a catch-up above the limit?
- You need to work out your own catch up amounts – it will be different for everyone depending on how much super you’ve contributed already as a concessional contributions.
- What situations and who might you use a catch-up contribution?
- What are the rules you need to adhere to around this opportunity?
- What are some other opportunities around this?
- Luke shares his top tips around catch-up concessional contributions.
- Remember seek advice if you need help. Super can be complex when you don’t deal with it every day.
Also available on Apple Podcasts and Spotify – ‘The Strategy Stacker – Luke Talks Money’
Is a catch-up concessional contribution strategy right for you?
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.
