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Save on income tax now while building wealth for the future, by salary packaging additional super contributions.
This is general information only. Before entering into any salary packaging or novated leasing arrangement, you should consider your objectives, financial situation and needs, and seek appropriate legal, financial or other professional advice based upon your own particular circumstances. The availability of benefits is determined by your employer. Conditions and fees apply. Smartsalary Pty Ltd, ABN 24 096 796 100, a Smart™ company.
For most people, the First Home Super Saver Scheme could boost the savings they can put towards a deposit by at least 30% compared with saving through a standard deposit account (this is due to the concessional tax treatment and the higher rate of earnings within superannuation). Information obtained from https://archive.budget.gov.au/2017-18/glossies/factsheets/FS_14_Housing_Affordability.pdf. You can apply to have a maximum of $15,000 of your voluntary contributions from any one financial year included in your eligible contributions to be released under the FHSS scheme, up to a total of $30,000 contributions across all years. Eligibility requirements apply. See ATO website for details.
The estimated increase in super balance is taken from the SuperGuru website calculator (an initiative of The Association of Superannuation Funds of Australia) at http://www.superguru.com.au/ExternalFiles/calculators/smallchange/index.html. Calculations were made based on investing the monthly amount of $116 into a balanced fund and assuming 4.8% growth over a 17-year period for a 50-year-old; 27-year period for a 40-year-old; 37-year period for a 30-year-old. Calculations are not intended to be relied on for the purposes of making a decision in relation to a financial product, including a decision in relation to a particular superannuation fund or strategy.
Prior to commencing additional voluntary contributions for the purposes of accessing the FHSS Scheme, we recommend you contact your superannuation fund to ensure that it allows the release of these contributions and does not have any other relevant limitations or rules in place.
