Financial

Article by Matt Brown – Executive General Manager, AU Advice

May was a tough month for most asset classes,  particularly assets with “duration” or “growth” characteristics.

Share markets have fallen sharply in recent weeks due to concerns over rising inflation and rising interest rates.

It has been a tumultuous start to 2022 for investment markets with many markets suffering sharp falls year to date.

Splitting super contributions to your spouse’s super account may help to boost their retirement savings and provide a range of other benefits.

If your income is under a certain threshold, then making personal after-tax super contributions could enable you to qualify for a Government co‑contribution and take advantage of the low tax rate payable in super on investment earnings.

Making an after-tax contribution into your spouse’s super could benefit you both – by increasing your spouse’s super and potentially reducing your tax.

If you have not fully used your concessional cap in a prior financial year, you may be eligible to use these unused carried forward amounts in a later year. Depending on your circumstances, this could help you to maximise tax-effective super contributions and invest more for retirement.

Contributing some of your pre-tax salary, wages or a bonus into super could help you to reduce your tax and invest more for your retirement.

With June 30 fast approaching, it’s time to start thinking about your super for another year. We’ve put together five smart
strategies that may benefit you now, and help boost your super.