Salary Sacrificing into Super
Posted by
Matt Hale
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How to save tax and build your wealth so you can REALLY enjoy retirement.
ARE YOU PAYING VOLUNTARY TAX?
Did you know, most Australians pay more tax than they need to? An average Australian pays tax of around 30 cents to every dollar they earn. So, if their before tax income is $1,000 their after tax (real income) would be $700.
If that person set aside a little cash for a rainy day, say 10% of their income or $1 in every $10. They’d immediately save 50% tax on those savings.
Assumptions:
- Gainfully employed Australian resident
- Client Income $180,000
- Savings made as concessional contributions into a complying superannuation fund
Makes good sense, don’t you reckon?
Good luck!