How to Boost your Superannuation for Super Refunds!
It always a super deal to find a way to add a few dollars more to your superannuation, before the financial year comes to an end. Now, you may think June is way off, but, fore-thinking is the key to increasing your end of the year bonuses with super refunds. Here are a few tips to do so.
1. Increase your Contributions for Super Refunds
If you are that ambitious and don’t mind the extra sacrifice (for the greater good of course) ask your employer to increase your contribution towards superannuation from your pre-tax earnings; which you should be able to claim back via tax deductions. The tax deduction becomes applicable since the 10% contribution has now been taken off. The tax deduction was a benefit which was only extended to self-employed people earning less than 10% of their income from an employer, it’s all changed now and even if you employed full-time you can claim the tax benefit, provided you stay within the $ 25,000 limit.
2. A Super Contribution Guarantees a Super Return
The Super Co-Contribution scheme offered by the government guarantees an almost 50% return. The scheme is simple really, make a $1,000 non-concessional contribution, (before June) which is an after-tax superannuation contribution, to which no tax deductions are applicable and you get a $ 500 return to your super fund. The scheme works on income slabs and you need to get the help of a professional tax consultant to work out the benefits and contributions.
3. Make a Spouse Contribution for a Super Return
A spouse contribution is the way to go, it’s romantic and profitable! Make a contribution to the super-fund on behalf of your better-half and you could not only increase your super kitty, but also enjoy some pretty good tax benefits. Again the scheme works on a percentage of your spouse’s earnings and super contributions, so, you need to check your options to see if you qualify for the tax-refund.