Only half of all Australians aged 50 and over are diverting their savings into super, according to research from a non-major bank.
Research from St George Bank covering the 50-plus market reveals that only one in two Australians aged 50 and over divert their savings into super.
The survey found that only 26 per cent of respondents had reviewed their financial plan into the lead-up to 30 June, suggesting that a portion of this age group may be unprepared for tax time.
St George retail banking general manager Ross Miller urged this age group to consider strategies to prepare themselves for tax time, including pre-paying their deductible expenses before 30 June 2017.
“This includes insurance premiums, investment loan interest payments (i.e. margin loans) and the cost of maintenance and repairs to investment properties. That way, you can claim the deduction this year,” Mr Miller said.
He also urged individuals to get their paperwork in order, compiling receipts for work-related expenses such as uniforms, training courses and learning materials.
“If you work from home this, can include claiming a computer, phone or other electronic device as a work-related expense,” Mr Miller said.
He also urged individuals to take note of the reduced concessional caps from 1 July.
“You might be able to contribute before tax contributions up to $10,000 more this financial year compared to future financial years (after 1 July 2017), when the before-tax contribution cap for those aged 50-64 reduces from $35,000 to $25,000,” Mr Miller said.
“You may be able to claim an 18 per cent tax offset on super contributions of up to $3,000 made on behalf of your non-working or low income-earning spouse. You can also split your employer super contributions with your spouse.”
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 18 Aug 2017Data feeds unreliable for new reporting, says mid-tierBy Miranda Brownlee
- 18 Aug 2017Tax component confusion spurs potential tax liabilitiesBy Miranda Brownlee
- 18 Aug 2017Contributions triple in June quarter, survey showsBy Staff Reporter
- 17 Aug 2017Industry questions ATO’s capacity for new reportingBy Miranda Brownlee
- 17 Aug 2017Qld succession law changes tipped to impact SMSFsBy Miranda Brownlee
- 16 Aug 2017Contribution limits restricting future balances, warns mid-tierBy Staff Reporter
- view all
- Data feeds unreliable for new reporting, says mid-tier
With an estimated 20 per cent of SMSFs still encountering errors from data feeds, one mid-tier firm believes the ATO should allow SMSF pract...read more
- Tax component confusion spurs potential tax liabilities
A lack of understanding around taxable and non-taxable components in super funds could be exposing SMSF clients to unnecessary tax liabiliti...read more
- Contributions triple in June quarter, survey shows
The average contribution amount from SMSF trustees tripled for the June 2017 quarter, with super members looking to maximise their contribut...read more
- Industry questions ATO’s capacity for new reporting
With events-based reporting set to generate huge amounts of data, concerns have been raised about whether the ATO’s systems will be able t...read more
- view all