Salary sacrificing is THE BEST way to increase your super and reduce your tax! Let me show you exactly why salary sacrificing into super is such a good idea.
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⏱ Timestamps
00:00 - How salary sacrifice works
00:39 - Example - no salary sacrifice
01:01 - Example - with salary sacrifice
01:41 - Tax benefit of salary sacrifice
02:46 - Contribution cap
03:09 - Salary sacrifice considerations
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How Does Salary Sacrifice Work?
Salary sacrificing is the process of asking your employer to reduce your wage in exchange for an equivalent increase in super contributions. Salary sacrificing can be a good idea if you have a personal surplus cash flow or savings capacity and are looking to increase your super tax-effectively.
By understanding the concept of salary sacrificing, you can apply the calculations to your specific situation to optimise the amount you salary sacrifice based on your income, the contribution caps and how much after-tax income you require so that you still have enough to cover your general living expenses.
In this video I’m going to explain how salary sacrificing works and then run through an example of the tax benefits associated with a salary sacrifice strategy.
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General advice is provided by Toro Wealth Pty Ltd trading as SuperGuy Retirement Experts as an Authorised Representative of Core Value FA Pty Ltd (AFSL 480387).
Before acting on any information, you should seek professional advice and verify our interpretation/s before relying on the content or calculators within this website or on the videos, while also considering its appropriateness in relation to your personal situation.
