Transition to retirement, Geelong
Salary sacrificing income to your SMSF is a powerful strategy that can help you save tax and build your wealth for your transition to retirement in Geelong or elsewhere. Personal salary income is taxed at your marginal rate which could effectively be as high as 46.5 percent, whereas your SMSF only pays tax at a rate of 15 percent on the salary sacrificed contributions. The result is a saving of up to 31.5 percent depending on your marginal tax rate.
Of course, there are factors to consider when determining whether salary sacrificing is the best option for you. Do you have the ability to fund your living expenses if you salary sacrifice a portion of your income? Do you know the limits on the amount you can contribute to your super fund each year? Our experienced Geelong CPAs can advise you on whether your individual circumstances are best suited to salary sacrificing and if there are other options that will allow you to take advantage of salary sacrificing.
Salary sacrifice is just one of the strategies that our certified practicing accountants will consider to allow you to fund your transition to retirement and reduce your reliance on the pension. We will also look at property investment, both in Australia and US property investment, tax planning and minimisation and more.