Budget Confirms Super Strategy – but get in quick
Have you missed out on the $100,000 super stategy? There is still time to benefit if you act before 30 June 2009.
In order to save money the maximum concessional contributions were reduced from $100,000 to $50,000. Now a $50,000 tax deduction is still a benefit but not as good as $100,000.
You may now be paying as much as $30,000 dollars a year too much in tax by not using the super strategy.
Depending on your circumstances you may also be able to get the super money back without it being locked up in super or if you have your own self managed superannuation fund be proactively using the money to grow your wealth.
Its a great tax strategy, which is why the Government wanted to save money in the budge by making it half as attractive after 30 June 2009, but there is still time to get the maximum benefit, save the most amount of tax and there is stll benefits after 30 June.
I think its pretty short sighted by the government however as the idea was to save for retirement rather than relying on the government for the age pension. A bit like giving money away before the budget and then taking it back after the budget.
Shortly I will be announcing some information seminars to what you should be doing before 30 June 2009 to legally keep the biggest amount of your money. If you would like to be notified put your name and email address in the free resources and updates boxes on the top left.
Regards,
Regards,
Glenn Wallace
Business Adviser
Chartered Accountant
CPA
Australian Registered Tax Agent
Superannuation
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