Welcome to the latest edition of our June newsletter ‘Your Money Your Future’ from FinancialAdvice Centre.

End of financial year is fast approaching… so act now and make sure any superannuation contributions are received by your fund before the 30Th June

Now might be a good time to top up your super and help give your balance a welcome boost.
Below you will find a guide to help you make the most out of your super before 30 June:
Super is real money, and it’s your money. By the time you retire it will likely be one of your biggest assets, so putting some thought into making contributions today may help you achieve the lifestyle you want in retirement.
Benefits – Making additional contributions could help give your super balance a boost. Take Alex for example. She’s 40 years old and decides to contribute an extra $100 each month to her super, as a before-tax contribution. If she keeps it up, by the time Alex retires at age 67, it could mean an extra $38,496 in her super as seen above for example.
And there are potential tax benefits as well: Reduce your taxable income – if you make before-tax contributions from your salary or claim a tax deduction in your tax return for your personal super contributions, you’ll lower your taxable income, which could mean less tax.
Pay less tax on investment earnings – earnings on your super are taxed at a maximum of 15%, whereas earnings on personal investments outside of super are taxed at your personal (marginal) income tax rate. This can be as high as 45%.
The above example is for illustrative purposes only and has not taken your individual circumstances into account. It assumes a 5.0% pa investment return until retirement at age 67. The example includes a super account administration fee of 0.8% pa, employer contribution rate of 9.5% pa (which increases over time in line with the law), a wage inflation rate of 3.5% pa and a discount for price inflation of 2.5% pa. See below for full assumptions and important information relating to this example.
Contribution caps for 2018 tax year
1 – Before-tax contributions cap – $25,000
2 – After-tax contributions cap – $100,000
In focus this month are the following articles:

– Are you entitled to a tax deduction on personal super contributions?
– Watch out for tax scams
– Get your new financial year game on

To view the full newsletter and articles please click on the following linkhttps://eread.com.au/amp351029/77205