Super tips for taxing times

WITH piles of receipts to sort through and oodles of paperwork to organise, AMP financial planner Stuart Wright understands tax time can be a rather taxing experience.

But by putting in a little effort at the end of the financial year, Mr Wright said people could reduce the amount of tax they pay and keep more of their hard-earned cash in their pocket.

He encourages people to get smart about their super. For many people, contributing to super is one simple way to minimise their tax bill and boost their retirement savings at the same time.

For others, by topping up their super before June 30, they may be eligible for a tax offset or even a government co-contribution.

Super contributions are 100% tax deductible for self-employed people such as sole traders. By making tax-deductible super contributions, they can significantly reduce their tax liability on their income from business sources, investments or capital gains. But care needs to be taken not to exceed contribution limits. Those who contribute to their spouse's super may be entitled to claim an 18% tax offset, if their spouse is not working or earns less than $13,800 a year.

Make the most of the government's co-contribution, Mr Wright advises. People earning less than $31,920 this year can take full advantage of the government's co-contribution scheme if they make an after-tax contribution to their super.



Super contributions are 100% tax deductible for self-employed workers

Eligible people who earn less than $31,920 this year can take full advantage of the government's co-contribution scheme

People aged 50 and over can currently receive employer superannuation

Those who contribute to their spouse's super may be entitled to claim an 18% tax offset, if their spouse is not working or earns less than $13,800 a year

Topics:  business rockhampton

Wonder Woman Kara runs for suicide awareness

Kara Sutherland just after she's hopped off the treadmill in her 24-hour treadmill marathon.

Kara's fundraiser brings tons of people to support suicide awareness

BACK-TO-BACK: McKimms clinch Grafton Cup naming rights for 2017

McKimms Real Estate celebrate winning the naming rights for the Grafton Cup for the second year in a row.

Family-owned real estate to be front and centre for July again.

NRRRL: Magpies on a mission for home fans

ON A MISSION: Captain- coach Dan Randall hopes to lead Lower Clarence Magpies to their first victory of the 2017 NRRRL season when they run out in front of their home fans against Evans Head Bombers at the Nest this Sunday.

Lower Clarence ready for another cracker at the Nest

Local Partners

Shot at the live shows slips through Sally's fingers

SUNSHINE Coast singer's dramatic elimination from The Voice nearly saw her form a duo with her battle round opponent.

Ben Stiller and Christine Taylor split after 17 years

They were married in May 2000 and have two children, who they said will remain their priority.

Ben Stiller and his wife Christine Taylor have called it a day

Why The Voice hasn't produced a star

Boy George responds to Brittania Clifford-Pugh's heart-warming message.

It's the industry, not the show, says Boy George

These actors hated their movies and didn’t mind admitting it

Channing Tatum and Marlon Wayans in a scene from GI Joe: The Rise of Cobra.

Every year, Hollywood blesses us with plenty of God awful movies.

Miranda Kerr and fiance hang up backyard tent for wedding

The decorators and caterers are arriving for the final preparations for the wedding of Miranda Kerr and Evan Spiegel. Pictures: Splash

Evan Spiegel and Miranda Kerr are set to marry today

Book review: Mia Freedman's book meets her critics head on

I appreciated Freedman's blunt honesty in the book

Man's amazing comeback from monster crisis

Pat O'Driscoll agents Penny Keating and Doug Webber sold 56 Agnes St, The Range at auction over the weekend.

NOT long ago, he sold his possessions to pay staff. Now he's back.

How Toowoomba house prices compare in Australia

For sale sign in front of home.

Here's what $700,000 will buy you in Toowoomba, Brisbane and Sydney

One of Maryborough's most historic homes is still for sale

FULL OF HISTORY: Trisha Moulds is owner of the historic Tinana state known as Rosehill. The beautiful home is currently for sale.

It has been the scene of both joy and tragedies over the years.

The face of the Sunshine Coast's overpriced rental crisis

Alyx Wilson had to rent a $385 unit in Currimundi because the market was too competitive for cheaper rental housing. She is now renting a room from friends who own a house in Currimundi, and says its much more affordable.

Young people feel the strain in competitive, expensive rental market

WATCH: Take a tour of a tradie's dream home

5a Bruce Hiskens Court, Norman Gardens, going for $720,000. INSET: Lea Taylor.

Huge block with potential for anything

Ready to SELL your property?

Post Your Ad Here!