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1st October 2020 - Private Wealth
As seen in The Australian Financial Review on 30th September, 2020 written by ALEKS VICKOVICH.
“Contributing a small amount into super each week can make a significant difference to your retirement savings thanks to an immediate net tax benefit of 19.5 per cent on every dollar contributed and the power of compounding interest.
Contributed funds are then invested in an environment where the maximum rate of tax on earnings is 15 per cent.
To demonstrate, if you were to salary-sacrifice $50 a week for 30 years and assuming average long-term performance of 7 per cent per annum, you would increase your retirement nest egg by $180,000 ($66,300 of this being your total contributions net of 15 per cent contribution tax).
An additional benefit is that if you are looking to buy your first home, you can apply for eligible voluntary contributions to be released from super under the FHSSS. This means you get to keep more of your hard-earned dollars after tax to put towards your home deposit.”
If you would like more information please call 1300 ELSTON or email us and an adviser will be in touch.
This material has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in this material is General Advice and does not take into account any person’s individual investment objectives, financial situation or needs. Before making an investment decision based on this advice you should consider whether it is appropriate to your particular circumstances, alternatively seek professional advice. Where the General Advice relates to the acquisition or possible acquisition of a financial product, you should obtain a Product Disclosure Statement (“PDS”) relating to the product and consider the PDS before making any decision about whether to acquire the product. You will find further details of the service we provide and any cost to you within the Financial Services Guide. Any references to past investment performance are not an indication of future investment returns. Prepared by EP Financial Service Pty Ltd ABN 52 130 772 495 AFSL 325 252 (“Elston”). Although every effort has been made to verify the accuracy of the information contained in this material, Elston, its officers, representatives, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this material or any loss or damage suffered by any person directly or indirectly through relying on this information.
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