For most people, making sure that their golden years are set for them are a major priority when it comes to family and financial planning.
Financial strategist, Theo Marinis gives families advice to make sure they are taking the right steps to benefit from their superannuation.
Couples and families can substantially reduce their tax bills, receive government bonuses or boost age pension payments by working together on their superannuation.
In an article from the Daily Telegraph, Marinis discusses the multiple reasons that a couple might split their super contributions between them.
Maintaining life insurance for someone with a low balance, helping your partner access age pension payments and keeping both partners’ balances within superannuation caps to receive benefits or avoid penalties are just one of the very many reasons that a couple could choose to split their super contributions.
The Australian Taxation Office says people can split up to 85 percent of certain contributions including employer contributions, salary sacrifice and personal tax-deductible contributions.
Marinis says his firm often does super splitting strategies at the end of a financial year, but warns it can be complex, including potentially setting up a spouse account.
“If you have low balances and can’t afford an adviser but are in an industry fund, speak to your industry fund,” he says.
Source: Daily Telegraph
