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Super worth the sacrifice – ANZ
Mike Goodall
Australian wage earners have been urged to consider salary sacrificing into superannuation to take advantage of the Federal Government’s new simpler super regime.
ANZ Financial Planning general manager Mike Goodall said the Government’s changes had provided people with incentives to inject more money into their superannuation, and the trick was finding the balance between salary sacrifice arrangements for super and directing cash to other investments.
“With the right financial advice, people can aim for a comfortable retirement without compromising their current wealth creation goals,” he said. “Salary sacrifice strategies can have upfront and ongoing benefits.”
Goodall said under the new superannuation regime workers could not only enjoy a tax saving via salary sacrifice arrangements but ongoing tax savings, as superannuation earnings were taxed at a maximum 15 per cent in the fund.
“For a 35 year old earning $70,000 plus 9 per cent super guarantee who plans to retire at age 60, salary sacrificing an extra net $5,000 a year into superannuation could provide an extra $165,347 at retirement,” he said.
AUTHOR
Mike Taylor
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