When you consider the tax concessions available, superannuation definitely has a place in any review of your personal wealth, savings and taxation. There may be changes on the horizon again, but don’t panic! Get some professional advice.
Accountants are encouraging high net worth clients to top up their super before the May federal budget, saying it could be the equivalent of 2007’s one-off $1 million top-up opportunity.
The use of family trusts to minimise tax and build wealth is also expected to surge as the government continues to reduce the amount that can be injected into superannuation accounts.
HLB Mann Judd wealth management partner Michael Hutton said clients had been moving money into family trusts since the government lowered the contributions threshold to $35,000 a year (for those over 50 years old, or $30,000 for those under 50).
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