A few years ago we moved from a situation where we had a virtually unlimited amount of money to deposit into your SMSF, but with potential tax issues on the final benefit, to a system where no tax was levied on the final benefit came with significant limitations. about how much you can bring into a super fund that you manage yourself.
As a result, much of the strategic focus has shifted to getting more cash into your SMSF to take advantage of that SMSF tax return and maximize your contribution limit. Therefore, the purpose of this article is to provide an overview of some of the main strategies available, assuming you still meet the criteria to participate in SMSF.
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– Pay the sacrifice
Salary is when you agree with your employer to waive a portion of your pre-tax paycheck in exchange for money deposited directly into your SMSF.
The effect of this strategy is that the amount you "sacrificed" is taxed a maximum of 15% instead of your marginal tax rate if the money is taken as salary (up to 46.5%). Note that this will only work if your marginal tax rate is above 15%.
– Self-deductible contributions
If you are unemployed or self-employed, you can make a taxable contribution. The benefits are pretty much the same as wage earners – lower taxes you now have to pay on your income if your marginal tax rate is above 15%.