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Health Super releases tax advice
Health Super has released information on tax saving strategies involving superannuation aimed at its members.
Tips were compiled by Health Super's chief operations officer, Carol McKelson-Timmins, who said voluntary super contribution is one of the tax saving strategies most overlooked by members
McKelson-Timmins said voluntary contribution could include salary sacrificing, spousal contributions and co-contributions, but noted many Australians were not aware that they could use their superannuation fund to minimise their tax.
"In general, Australians are not engaged with super at all until they start approaching retirement, and that is too late," McKelson-Timmins said. "We are trying to educate members and get the information out there about tax saving strategies involving super."
She added these strategies do not have equal benefits for all Australians and that members needed to work out which one works best for them.
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Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
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