Transition to Retirement
If you are 55 or older and still working, commencing a Transition to Retirement strategy will allow you to substantially increase your Superannuation entitlements.
You can contribute to Superannuation via Salary Sacrifice, and simultaneously compensate for the loss of take home income, elect to receive an account based pension from your Superannuation Fund.
What’s the affect?
All of the above tax savings substantially contribute to your retirement savings.
Please note the ability to commence a Transition to Retirement strategy is dependent on your personal circumstances and specific advice should be obtained before proceeding with this strategy.
Not yet 55, but find you are able to save money after meeting your living expenses?
If you are earning more than $37,000pa and are saving, you can sacrifice a part or all of your earnings above $37,000 and cap your tax rate at 15%. These tax savings have a direct positive impact on your superannuation entitlements.
Please note the ability to salary sacrifice is dependent on your personal circumstances and specific advice should be obtained before proceeding with this strategy.