Are there benefits to paying more super?
Once upon a time, there was a business owner named Karly, who had been running her successful bakery for over 30 years. While she loved creating delicious pastries and cakes, she had been dreaming of travelling the world. She started to share her travelling itinerary with her team, which included visiting Paris for the first time, hiking the Overland Track in Tassie and taking a cruise through Alaska.
As she started to hand over the reins of her business to her very capable successor, she felt a sense of fulfilment knowing that her hard work had paid off and she could enjoy the fruits of her labour. Karly started to feel excited and a sense of freedom started to wash over her . . .Yes is the short answer. But paying more super will also depend on your goals. Some of the benefits of paying more super include . . .
- Tax savings: contributing to your superannuation can lower your taxable income and reduce the amount of tax you pay
- Retirement savings: additional contributions to your super can help you save more for retirement and potentially increase your retirement income.
- Investment growth; your super funds are typically invested, so contributing more can result in greater investment growth and potentially higher retirement savings.
Let’s chat about your plans for EOFY, your goals or to chat about a tax planning strategy for you and your business.
All information provided is for informational and general purposes only, and shall not be relied upon as personal financial advice.
