The Super Work Test – Going going gone! (For some contributions)
Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Show which aired on Friday 20 May 2022. They start the show talking about each of the parties plans to help first home buyers in the lead up to the federal election. Luke shares his views about keeping your super for your retirement. This week’s topic though is: The Superannuation Work Test – It not longer applies to some contributions.
Key topics covered include:
– What is the current work test?
– Changes from 1 July 2022 mean that you can now be up to 75 years of age and put money into super, provided you don’t claim a tax deduction for that contribution.
– Remember, there are limits on the amount of money you can put into super, and these limits still apply.
– You also need to take into account your total superannuation balance too.
– What are the advantages of this change, especially for those downsizing their home?
– Why might you want to equalise your accounts, especially if one spouse has reached their transfer balance cap?
– Taxable contributions might also be returned as non-taxable contributions for estate planning purposes.
– Luke offers his insights into the change of the work test.
Listen to the Podcast right now
Also available on Apple Podcasts and Spotify ‘The Strategy Stacker – Luke Talks Money’
Do you need financial planning advice around super contributions?
Luke will return to talk about financial planning on 2CC next Friday. You can also catch up with The Strategy Stacker – Luke Talks Money podcast. We look forward to your company again.
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Make an appointment to confidentially discuss investment, super, and retirement planning. 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.