A tax deduction for catch up super contributions – Yes please!
Luke Smith joined 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 15 November 2019.
Did you know there is a limit on the amount of super you can put into your account each year? It seems crazy when the government wants us to save for our retirement doesn’t it. In this podcast, Luke explores how you make the most of the brand new catch up contribution legislation that allows you to contribute more to your super this year and get a tax deduction.
Key highlights include:
- What is a catch-up concessional contribution?
- From 1 July 2019 you can carry forward unused concessional contributions up to $25k, from the previous year.
- A worked example on how to work out what your unused concessional contributions are. It also applies to those in government super and retirement schemes.
- Who can this strategy work for?
- How can you stack this strategy to meet another goal, eg super splitting or retirement planning?
- How can you fund additional contributions and perhaps meet another goal at the same time like paying off the home?
- Why being proactive is important in implementing this super strategy.
- An offer to trail our knowledge centre which is full of information, videos and calculators at no cost. Checkout our online calculators too.
Listen to the Podcast right now
Also available on Apple Podcasts ‘The Strategy Stacker – Luke Talks Money’
Do you need advice on your super catch up opportunities?
If would like to talk about setting some financial strategies to achieve your goals, including your catch up super contributions, make an appointment to meet Luke at 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. Envision Financial can also work with your accountant or mortgage broker or refer you to one if you don’t have one.
Envision 2CC offer: Your first appointment is at our cost. Make an appointment to confidentially discuss your financial situation and financial goals.
Luke will return to talk about financial planning on 2CC Talking Canberra next Friday from 4.30pm. Tune into listen live or visit our website again to catch up on the podcast. You can also check out our YouTube Channel at Envision Financial Canberra.
