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A super opportunity

Super is one of the most tax-effective ways to save.

You could be thousands of dollars better off by making ‘concessional contributions’, into your super – and, putting more money into your super now, could make a big difference to your retirement lifestyle later.

Make the most of your before-tax contributions

Concessional contributions are contributions made to super, usually with your before-tax salary. For most people concessional contributions are taxed at just 15 per cent – not your marginal tax rate. That’s a big tax cut and puts your money to work – in your super account.
And because your salary is reduced by the amount you contribute, it may even move you into a lower tax bracket, saving you even more.

This financial year, you’re allowed to make $25,000 in concessional contributions. Remember – your employer’s 9.5 per cent compulsory contributions count towards this limit.

So, how much tax could you save?

If you earn $100,000 and put $10,000 into your super, you can benefit by up to $2,400 per year, as the table shows:

Depending on your salary, the benefit may be even greater:

How can you contribute?

There are two ways you can take advantage of your concessional contributions:

1. Salary sacrifice

You can make an arrangement with your employer to place some of your before-tax salary into your super fund and it will be automatically taxed at just 15 per cent. You can make either a one-off contribution or an ongoing payment. Contact your employer’s payroll department to discuss what you need to do.

2. Make your own contribution

If you’d prefer not to salary sacrifice or if you’re self-employed, you can make your own contribution to super. By electing for the contribution to be treated as a concessional contribution into your super fund you will pay only 15 per cent* tax on the contribution rather than your marginal tax rate.

If you’re considering taking advantage of your concessional contributions or want to understand more about super opportunities please contact us to discuss your options with Omnis Group on 08 9380 3555.

* if you earn more than $250,000 the tax rate is 30 per cent

Disclaimer: This article is for information purpose only and does not constitute advice and does not take into account any of your objectives, financial situation or needs. Before you make a decision about whether to acquire a financial product, you should obtain and read the product disclosure statement. NEO Financial Solutions: AFSL 385845 ABN 64 141 607 098
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Omnis is a strategic accounting and financial planning firm that understands you and your business, and helps you maximise the opportunity you have.

We go beyond numbers and are driven by insight, guidance, and a personalised approach tailored to your unique needs.

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Street address:
Level 2, 7 Rheola Street, West Perth WA 6005

Phone Number:
08 9380 3555

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Justin Flavel

Managing Director

Justin’s experience spans across 20 years in accounting, financial analysis and general business practice.

Although born and bred on the land, Justin’s interest was more in spreadsheets, ledgers, and finance which led him to attend university. In 1992, Justin graduated with a Bachelor of Business majoring in Accounting and Finance. As well as qualifying as a CPA member and becoming a Fellow of the Taxation Institute of Australia, he began gaining practical experience in small and mid-tier accounting practices.

During the late 90s, Justin decided to expand his horizons and travel through Europe. It was during this time that he seized the opportunity to expand his knowledge on the workings of large organisations by taking on roles in multinational corporations.

Today, Justin’s passion is in facilitating businesses to grow and evolve. His focus is on acting in the role of business mentor to help clients develop the full potential of their businesses. He joins clients on their unique journey, and provides the tools and knowledge they need along the way to make the right decisions.

Justin’s aim for his clients parallels his own philosophy and personal journey—focusing on his own career growth and business success while maintaining balance in his life with his wife and three daughters.

Omnis Group Managing Director - Justin Flavel