Superannuation Advice
Other than the family home, superannuation is likely to be one of your largest
assets in the lead up to retirement.
At Donmont Capital, we offer comprehensive superannuation advice tailored to your specific needs and financial aspirations. We understand the superannuation environment can be difficult to navigate, which is why our team of experts is dedicated to providing the necessary guidance to help you maximise the benefits of your fund.
When it comes to superannuation even the slightest of changes can have a great impact. So, our goal is to help you in achieve a better understanding of your superannuation and to ensure it is working as hard as you are.
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Lost Super
According to the ATO, as of 30 June 2020, $13.8 billion was held as lost or unclaimed super across Australia. This is defined as an account that is paid into by your employer and has remained idle due to the super fund being unable to contact you. Consolidation can be an important strategy to help improve the efficiencies of your fund. Please be mindful that it is important to consider the risks of consolidation as there may be insurances or other benefits which cannot be recovered once the fund has been closed down. Get in touch with us today to conduct a superannuation search.
How To Contribute Into Super
As of 1 July 2025, employers will be obligated to pay all their employees Super Guarantee of 12%. However, there are also other ways in which you can contribute money to your superannuation. Please be mindful it is important to consider your cashflow position before contributing extra funds into your super as it is difficult to withdraw funds at a later stage.
Widgets – Superannuation Contributions Strategies
Salary Sacrifice
salary Sacrifice is an arrangement that an employee has with their employer where they elect for a portion of their income to be used to pay for a range of benefits such as cars, mortgage repayments or extra super contributions. This in turn reduces the employee’s taxable income, meaning less tax is paid on their income. Salary Sacrifice can be a great way to bolster your superannuation or minimise your tax. It is important to seek advice on your options as there are many things to consider, such as the Concessional Contributions Cap, any Carry-Forward Concessional Contributions and the Division 293 Tax.
Downsizer
Contribution The Downsizer Contribution allows for individuals aged 65 and older to make a one-time contribution to their superannuation fund of up to $300,000 from the proceeds of selling their house. This contribution doesn’t count towards their non-concessional contribution cap and for couples, each spouse is able to contrite the maximum amount. This type of contribution can be an effective way to increase wealth due to the lower tax on earnings from an accumulation account and account-based pension. It is important to seek advice on your options as there are many things to consider, such as the pensions eligibility tests, transfer balance cap and eligibility for the contribution.
Spousal Contribution
A Spousal Contribution is a way individuals can contribute a maximum of $3,000 to their spouse’s superannuation account provided the spouse is on an income lower than $40,000pa. The contributing partner is then able to claim a tax offset (tax rebate), rather than a deduction, and can effectively have up to $540 taken off their tax bill. This type of contributions is a tax effective way to help boost your partner’s retirement savings, particularly if they have been unable to build a healthy superannuation balance due to a smaller earning capacity. It is important to seek advice on your options as there are many things to consider such as Carry-Forward Concessional Contributions, available cashflow and residency requirements.
