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%.
Currently, it is a challenge for business people to meet the needs of their small businesses. There are so many factors that must be considered for a business to function properly and create strong competition from growing competitors.
To meet the needs and requirements of your company, you need to secure a company financial management account. One of the best ways to avoid hassles and stress is to choose a small business accounting service.
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There are several advantages that you can get when outsourcing your company's financial management services. They are –
By working with a certified small business accounting firm, you can extract data security. By using an internet security module and cloud computing services on the internet, you get a high level of data security and confidentiality where only you have access to the information.
The small business accounting service you choose is less expensive than hiring a professional accountant for your business. The service you choose from a certified agent has already handled several clients, which makes it possible to get a profitable service in the market.
Easy to use
Another useful factor is that small business accounting services are very easy to use with the accounting software you are using. Freedom to send data or other related information via email. Accounting documents are also applied.