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Mortgage vs Super

Where Should I Put Extra Money?

• There may be tax advantages when you contribute to super, especially if you salary sacrifice or you’re eligible to claim a tax deduction for personal super contributions.

• By making extra mortgage repayments, coupled with any potential increase in the value of your property, you may build equity in your property at a faster rate than if you were to make just the minimum repayments.

• The power of compounding returns could mean that even small contributions to your super over many years could make the world of difference to your super balance come retirement.

To find out more click here.

https://www.mlc.com.au/personal/blog/2022/06/mortgage-vs-super

New super opportunities from 1 July 2022

As 30 June fast approaches, the focus usually shift towards ensuring strategies relating to managing taxation outcomes and superannuation are implemented before the end of financial year arrives. However, it is also important to look ahead, with some superannuation contribution rules changing  from 1 July 2022. These changes could create new opportunities which may benefit you.

 

The key changes from 1 July 2022 include:

 

  • increasing the amount of personal contributions that can be made to superannuation for people aged 67-74*

  • removing the requirement to satisfy a work test before making personal after-tax contributions and salary sacrifice contributions for those 67 to 74*

  • reducing the eligibility age for making a downsizer contribution from 65 to 60

  • increasing the amount that can be released under the First Home Super Saver Scheme to use to purchase a first home, and

  • removing the minimum monthly income threshold before an employer is required to pay Superannuation Guarantee on behalf of employees.

 

* Contributions must be received no later than 28 days after the month in which the person turns age 75.

 

While some of these changes will provide great opportunities from 1 July 2022, they could also impact end of year strategies you were planning on implementing.

 

These opportunities have a range of eligibility requirements so contact us to discuss how these changes impact your circumstances and opportunities that may exist for you.

Yes, you can change your money mindset for the better

Ever wondered why you keep buying things you don’t need with money you don’t have? Why you can’t seem to save even though you’re earning a decent wage? Or why you’ve just never got around to investing, despite your rational brain saying it’s the sensible thing to do?

 

To find out more click on the link below here.

www.mlc.com.au/personal/blog/2022/03/yes_you_can_change

Transferring your wealth to the next generation

We spend a lifetime generating wealth but few of us spend the time to ensure it’s passed on in the way we want it to.

 

To find out more click on the link below.

www.mlc.com.au/personal/blog/2021/04/transferring-your-wealth

Get retirement ready, no matter your age

Whether you’ve just started out in the workforce, or you’re getting ready to call it a day, it’s always a good time to start planning for life after work.

 

Here’s our decade by decade guide to getting your superannuation into shape, so you can enjoy a comfortable retirement. 

 

More information can be found by clicking on the link below.

www.moneyandlife.com.au/grow-your-wealth/get-retirement-ready-no-matter-your-age/