Get The Best Superannuation Ivanhoe Service from GNS Group

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Get the Best Superannuation Ivanhoe Service from
GNS Group
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Superannuation
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Superannuation Ivanhoe

• Superannuation really should be fairly
  straight forward, but instead all governments
  like to tinker with it.
• So here are some of the basics
• When you are working, your boss will contribute
  9.5 of your wage to your superannuation as a
  minimum.

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• This money is generally taxed at 15 on its way
  into your superannuation Account.Once added to
  your Super Fund, it is invested and preserved
  until you retire.
• Under the current rules, if you start an Account
  Based Pension after the age of 60, your pension
  payments will be tax free to you.

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• Now that you have a few of the basics sorted
  out, lets look at a few more of the important
  issues in a bit more detail.

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CONTRIBUTIONS
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• Whilst your boss will pay a minimum 9.5 into
  your Super Fund, you can decide to make
  additional superannuation contributions. This is
  generally done as a Salary Sacrifice, where you
  give up some of your wage and have that paid into
  your Super Account.
• So why would you do that? There are 2 main
  reasons you want to put more money aside for
  retirement and often the biggest driver to save
  Tax.

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• Both the compulsory Super (9.5 ) and Salary
  Sacrifice amounts are treated as Concessional
  Contributions. This means they are subject to
  Concessional Tax Rates generally 15 (for high
  income earners gt 250k its 30). Paying 15
  Super Contributions Tax compares very favourably
  to wage taxes of 19-49.
• So as you can see, popping some extra cash
  into Super can be a smart strategy.

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• We mentioned Concessional Contributions just
  before. Getting a Tax break on Super
  Contributions does come with some restrictions.
  From 1 July 2017, there are no longer different
  contribution limits based on your age, you have a
  maximum of 25,000 p.a. of Concessional
  Contributions.

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• Many people will work backwards in order to
  get the maximum into Super. Start with 25,000,
  subtract how much work will contribute (say
  6,300) and then know that will leave up to
  18,700 which can be salary sacrificed into
  Super.
• There are few more important considerations
  and thats where a GNS Group Financial Adviser
  can help you to get the maximum super
  contributions too.

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• After-tax contributions are called Non
  Concessional Contributions and go into super tax
  free and can be withdrawn tax free in retirement
  as well.
• There is also a limit of 100,000 pa or you
  can put up to 3 years worth of contributions into
  super in one go (300,000) so long as you dont
  exceed the limit in the next 3 years. Commonly
  this is referred to the bring forward rules.

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• An example of how this could be used would be
  following the sale of the family beach house,
  Mary and Jason have freed up 400,000. Jason has
  already retired and is aged 66, so he can not
  contribute to super. Having not made any previous
  non concessional contributions, Mary can
  contribute 300,000 this year to super and will
  keep the remaining 100,000 in her savings
  account.

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• Before any large contributions are made,
  professional advice is always highly recommended
  to make sure you are maximising the contributions
  and your retirement savings. This is where a GNS
  Group Financial Adviser can play an important
  role in guiding you through retirement planning.

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• If you are based in Melbourne, we recommend
  coming in for a visit to our Ivanhoe offices to
  discuss your option. We are one of the most
  knowledgable firms regarding superannuation
  companies Melbourne has to offer, and wed love
  for you to take advantage of that.
• Should you be based outside of Ivanhoe, or
  even Melbourne, we can initiate conversations
  over the phone.
• http//gnsgroup.com.au/2015/12/superannuation/