Martin was recently featured in this article talking about 5 ways to quickly boost your super

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5 Strategies on how to boost your Superannuation with Blue Diamond Financial

Martin Cossettini from Blue Diamond Financial Pty LtdHills financial planner, Martin Cossentini, Blue Diamond Financial Services is passionate about helping people build enough wealth for retirement.

When we sat down with Martin to discuss options about how to quickly boost your super, he told us that thousands of Australians will hit retirement with nowhere near enough saved in superannuation to cover their golden years.

“On average, Australians run out of retirement funds 13 years before their demise.”

Fortunately, Martin has plenty of advice to give about boosting your super so you can enjoy your every year of your retirement because you deserve it.

1. Save on tax while you build your wealth

Martin tells us that the most effective ways to boost your super are by taking advantage of government superannuation incentives.

“Not only do you increase your super contributions, but you also decrease your tax liability.”

2. Government Co. Contribution

If you’re eligible, the government co-contributions can help boost your retirement savings.

3. Low or middle-income earner (<$52,697)

Martin informs us that if you are low or middle-income earner and you make personal, after-tax contributions up to $1,000 to your super fund the government will match your contribution with 50% of your contribution up to a maximum amount of $500.

The co-contribution will usually be paid from the government into your super during the month of December of the same year of your contribution.

“It’s a risk-free 50% effective return of your $1,000 after-tax,” says Martin.

4. Spouse contribution

Martin mentions that couples may be able to claim an 18% tax offset on super contributions up to $3,000. If you contribute on behalf of your non-working or low-income earning partner, a contribution of up to $3,000 will receive a tax offset of up to $540 ($3,000 x 18% = $540 tax offset).

Martin says, “Your spouse’s contribution equates to an effective return of 18% on your $3,000.”

5. Salary sacrifice or personal deductible Super contribution

Once your employer contributes the legislative Super Guarantee (SG) of 9.5% to your wage earnings, you have a concessional contribution annual cap limit of $25,000.

Martin provides us an example of how much you can boost your super with this strategy.

“For example, if your ordinary paid earnings are $100,000, your employer has contributed $9,500 (which is the compulsory 9.5%), your annual cap is $25,000. You can contribute via salary sacrifice or a personal deductible the remaining difference to reach your cap. So the calculation will be $25,000 – $9,500 to leave $15,500 available as contributions.”

“If you contribute the $15,500, you can claim this as a tax deduction to reduce your income by this amount.”

Martin goes on to say that the contribution gets taxed at the super rate of 15%, as opposed to your Marginal Tax Rate of up to 47%.

“You are 32% better off, and it’s risk-free. Plus, don’t forget about the earning potential of your superannuation fund.”

A 32% effective return on your contribution means you save $4,960 off your tax bill.

Martin does mention the only drawback to the above strategies is that you are not able to access the funds until you reach retirement age. For most Australians, this will be after 60 years of age?

Get more financial tips and expert advice from Martin right here

You can get more of Martin’s financial planning expertise by visiting his website or check out his latest informative videos on finance.

About Martin Cossettini from Blue Diamond Financial

Martin Cossettini from Blue Diamond Financial brings a unique wealth of financial advisory skills to the Australian market that makes him on top among the other financial planners.

With over 25 years of banking and finance experience as well as 15 years of working internationally in London, he is passionate in financially educating individuals and families, whilst always placing his client’s best interests at the core of everything that he does.

Martin is based in Sydney’s Hills District, and happy to travel to clients all around Sydney. He offers a FREE financial advisory consultation and aims to make your financial situation better than your present one.

Click here to see Martin’s Top 3 Local Business Pick profile.

This material is provided for information only. No account has been taken of the objectives, financial situation or needs of any particular person or entity. Accordingly, to the extent that this material may constitute general financial product advice, investors should, before acting on the advice, consider the appropriateness of the advice, having regard to the investor’s objectives, financial situation, and needs. This is not an offer or recommendation to buy or sell securities or other financial products, nor a solicitation for deposits or other business, whether directly or indirectly.


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