Posted on Jan 22, 2021

Tax Accounting Adelaide

Contributing your money to Self Managed Super Funds (SMSF) has its own perks!

- Claim tax deductions on your after-tax contributions!
You can claim your after-tax contributions as a tax deduction in your personal tax return and lower your taxable income. Great way of building wealth while also reducing your tax bill if you're on a high income!

- Co-contributions from the Govt!
If you're a low-middle income earner and you have made contributions to your super using your after-tax money, you might be eligible for a Government Co-contribution.
Important: In order to be eligible for this benefit, You must not claim this contribution as a tax deduction in your individual tax return.

- Low Income Super Tax Offset
If you earn $37,000 or less and you make concessional super contribution, the Govt may contribute up to a maximum amount of $500 into your super account.

If your goal is to have a comfortable retirement, contributing to your super is the way to go!
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