Give yourself the ultimate break
Deeply embedded in Australians’ psyche is the annual scramble to maximise tax deductions before June 30. Yet super’s more generous tax breaks are ignored. A likely explanation is that retirement seems a long way off, so why bother now?
Independent financial adviser Nick Bruining, a director of Bruining Partners, says people fail to understand just how advantageous the tax breaks are.
“I don’t think people grasp it. You often see their jaw drop to the floor when they realise they get a tax break just for putting money into super,” he says.
“You can load up as much as you can, within the rules, and know that once you ultimately get to retirement, it’s all tax free. Every dollar that comes out of super is tax-exempt income, and you don’t even have to put it on your tax return.
“There’s nothing that beats it as a vehicle for investment. It has so many benefits,
