It’s tax season again. Time to dig out those receipts, make an appointment with your accountant, or tackle your tax return alone. It’s also an ideal time to sort out your super. Here are some simple steps to help you get started.
Are you maximising your entitlements? Small additional contributions made regularly can help you achieve a comfortable lifestyle in retirement. Speak to your employer about setting up regular salary sacrifice contributions from your before tax pay and boost your super while reducing your income tax. You can also make a personal super contribution and claim a tax deduction.1
Is your super invested in the right investment option for you? Each investment option has a recommended minimum investment time frame, a different level of risk and potential return. If you are a contributing member and you haven’t made an election, your Contributor Financed Benefit and Other Contribution account will be invested in the default option which is the Growth option. If you are a deferred member your whole benefit is invested in your chosen investment option or the default option if you have not made a choice.
Learn more about the EISS investment options.
Expecting to come into some money this year? Why not contribute some or all of it to super? If you’re aged under 65, you may be able to make an after-tax contribution to super of up to $100,000 per year. Better yet, you can bring forward two or three years of unused caps to make a contribution of up to $300,000.
No one likes to think about it, but who gets your super and insurance if something happens to you? Super is likely to be one of your biggest assets, so it’s important it’s paid according to your wishes.
You can ensure your loved ones receive your super by filling out a binding nomination form and returning it to us when it’s complete. You can check your binding nominations by logging in to your online account.
If your spouse earns less than $37,000 and you make a $3,000 contribution to their super, you may be eligible for a tax rebate of up to $540. For more information on spouse contributions, visit ato.gov.au
If you’d like more information on how you can maximise your super, speak to an EISS Financial Planner. To make an appointment, call 02 9046 1920 or visit eisuper.com.au/appointment
1 Australian Tax Office, ‘Personal super contributions’, ato.gov.au, Jun 2018
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