- May 24, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Exploring Tax Benefits of Salary Sacrifice vs Lump Sum Contributions
I am confident that the answer to this question may seem apparent to some, but let’s delve deeper into the intricacies of the two options available:
1. Salary Sacrifice Additional Contributions: This option involves making additional contributions from your salary before tax is deducted. It allows you to grow your superannuation fund effectively while reducing your taxable income.
2. Lump Sum Contribution Nominated as Concessional: On the other hand, making a lump sum contribution nominated as concessional involves injecting a one-time amount into your super fund, which is then taxed at a concessional rate.
When faced with these two choices and assuming the payment amount is equal, say $25,000, the decision-making process can become more intricate.
**How AI Legalese Decoder Can Help:** AI Legalese Decoder can assist in analyzing the tax benefits associated with each option. By inputting relevant details such as your income level, current superannuation balance, and personal circumstances, the AI tool can provide you with a comprehensive breakdown of the potential tax advantages of both salary sacrifice and lump sum contributions. This way, you can make a well-informed decision that aligns with your financial goals and maximizes your tax benefits.
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AI Legalese Decoder: Helping You Navigate Through Complicated Legal Jargon
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A concessional contribution is a concessional contribution.
However the tax on the lump sum isn’t taken out until you submit the NOI, so you can have that 15% in your Super account for longer.
I do both – one year I took the value of my annual increment and diverted 2% of the 2.5% total to salary sacrifice. Usually around mid-June I do a top up to max out my super. First year of this was rough but I now create a schedule of expected contributions to help me budget for end of financial year. While my salary is fairly predictable, I will occasionally have additional pay coming through (e.g. higher duties) that affects my contributions.
When it comes to the notice of intent, I run through the lodgement process and if it looks like I’ll still owe money (after adjusting for an unclaimed concessional contribution), I delay my tax return and notice of assessment until the last fortnight. If I’m owed money, I expedite the NOI.