Are You Ready for Tax Time. Ways to legally minimise your tax

Legally minimise your tax, seek professional advice!

NRMA Living Well: Independent Living. 11th May 2015

For organised types who like to have their house in order well in advance, what are some of the financial things that might warrant attention before June 30 rolls around?

Ways to legally minimise your tax.

Super top-up

If you're over 50, still working and not salary sacrificing the maximum $35K per annum into your super fund then consider doing so, if funds permit, before the new financial year begins.

Concessional super contributions are taxed at just 15 per cent, which means you'll pay less to the ATO while increasing the size of your nest egg, according to Sydney financial adviser Peter Horsfield.

Topping up can be especially effective when applied in conjunction with a 'transition to retirement' strategy.

For more read the full article at https://www.mynrma.com.au/living-well-navigator/independent-living/are-you-ready-for-tax-time.htm