Superannuation
How is your superannuation taxed?
Your superannuation contributions fall into two categories: concessional (pre-tax) and non-concessional (after-tax). Concessional contributions are taxed at 15% within your superannuation fund, while non-concessional contributions are not taxed within the fund. During the accumulation phase, investment earnings are taxed at 15%, but once you turn 60 and enter the pension phase, those earnings become tax-free. Understanding how your superannuation is taxed can help you make informed decisions about your future, especially when you choose LIFE Financial Planners as your trusted superannuation financial advisor in Perth.
What are the conditions of release for your superannuation?
You can access your superannuation when you reach age 65, retire after reaching your preservation age, or begin a transition to a retirement income stream. In certain cases, like severe financial hardship or specific medical conditions, early release may be possible. Knowing these conditions ensures you’re prepared when the time comes to tap into your superannuation. At LIFE Financial Planners, we provide superannuation advice to help you navigate your options and make informed decisions for your future.
How can you make the most of your superannuation?
To maximise your superannuation, it’s important to know the rules and opportunities available to you. Making additional contributions, taking advantage of tax benefits, and strategically planning for retirement can all help grow your nest egg. A well-informed approach today can make all the difference in achieving the retirement you envision. For tailored superannuation advice in Perth, a superannuation financial advisor can guide you through the process. At LIFE Financial Planners, we’re here to help you make the most of your superannuation, ensuring you’re on track to achieve your retirement goals.
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