Salary sacrifice: A lot less painful than it sounds Maybe you’ve heard about salary sacrifice as a way to increase your retirement savings. But did you know it can be a very tax-effective way to make voluntary super contributions? Find out how you could boost your retirement savings and pay less tax all in one go. What is salary sacrificing to super? In very simple terms, salary sacrificing into super means paying an amount from …
What’s your side hustle? Freelance work and the gig economy are on the rise in Australia. If you’re planning to follow the trend by starting your own business or joining Airtasker, here are some things to think about before saying goodbye to your salary. The gig economy is definitely taking off. Australia’s very own peer to peer portal for casual jobs, Airtasker, recorded 1.8 million members in January 2018, up from 950,000 just a year …
How would your superannuation stack up if paid as a monthly salary? Your super balance might look good as a lump sum figure, but would it suffice if divided into regular monthly repayments in retirement? Superannuation is likely to be one of the biggest assets most of us will ever own, with expectations it could become the average Aussie’s greatest asset, overtaking the family home, in the coming decades1. If you checked your super balance …
Simple money steps for women The same approach to managing day-to-day money can be applied to long-term investments. It was Carrie Bradshaw, of Sex and the City fame, who said: ‘I like my money where I can see it – hanging in my closet.’ While that might sound trite, it’s not far from the truth for many women. Most of us are more comfortable dealing with day-to-day money and the tangible things it can be …
The virtue of (salary) sacrifice When you make a sacrifice, you’re usually giving something up with the expectation of future gain. Salary sacrificing into your super is no different—you’re giving up ready access to your money in your take-home pay. But in return you’re boosting your retirement savings and saving on tax. You can pay extra cash into your super from your pre-tax salary at the concessional 15% rate of tax1 —up to a limit …
Ways to grow your Super, Value of Advice and More 1. Five ways to grow your super Are you looking for ways to boost your super account balance? Watch our video (3.01) and hear how Greg Elias, an AMP Client Adviser, explain five ways his client could grow their super to save for a comfortable retirement. He discusses five ways to grow super: 1. Bring together all your super accounts 2. Choose your super fund …
Retirement still more than 10 years away Retirement can seem irrelevant when you’re in your 30s or 40s. There are so many other things you can do with your money – go overseas, buy a house, raise a family, or just have fun. However, according to research by the Investment and Financial Services Association (IFSA), the Age Pension won’t be nearly enough to fund the lifestyle we’d like when we’re no longer working. So …
