The start of a new financial year is a good time to review your superannuation arrangements:
- Do you still have multiple funds and pay multiple fees?
- Is your fund expensive in terms of fees?
- How is your money invested?
- What is the performance like?
- Should you be contributing extra?
The trap for many self-employed doctors and dentists is to ignore superannuation, which means you miss out on valuable compounding and tax benefits.
Making concessional super contributions can provide you with a significant income tax deduction, and allows you to invest in a very tax-effective environment.
Superannuation will typically still be a very important part of your retirement income, so it makes sense to maximise your benefits.
You may also find some useful tips in this article HERE.
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Yves Schoof and Affluence Private Wealth are Authorised Representatives of Synchron, AFS Licence No. 243313.
The information posted is intended to be general in nature and is not personal financial product advice. It does not take into account your objectives, financial situation or needs.
Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs. In particular, you should seek independent financial advice and read the relevant product disclosure statement (PDS) or other offer document prior to making a decision.
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