Video: 3 ways super can save you tax

Do you know there are tax concessions from contributing to your super?

So, not only will you be building wealth for your retirement, but you’ll also be paying less tax. Want to know more?

Watch our video (2.33) to hear Fabian from AMP talk about three different ways you can gain tax concessions and boost your super savings.

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About this video

Fabian works at AMP. Like most people, he’d rather be paying less in taxes and putting more money aside for the future. He talks about the benefits of superannuation and how it can help you reduce the amount of tax you have to pay and increase your savings for retirement.

Here are three ways you can save on tax through super:

  1. By salary sacrificing - This is where you ask your employer to put some of your before-tax salary into your super fund, where you generally pay less tax. There are limits to how much you can contribute, but it’s worth exploring.
  2. With after-tax contributions - This is where you can save on tax after the money is invested and growing within your super.
  3. When you reach preservation age - This is the age when you can cash in your super if you are retired or have started a transition to a retirement income stream.

There are many ways super can reduce the amount of tax you pay. So, if you’re keen to put money away for your future, building your super could be a great way to save.

Everyone’s situation is different, so consider speaking to a financial adviser about how super can assist you now and also in the long term.

Just keep in mind that this video doesn’t take into account your personal circumstances, which you’ll need to consider carefully before making any decisions about your super and tax.

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© AMP Life Limited. This provides general information and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.