Voluntary Superannuation contributions before EOFY

As the end of the financial year approaches, now is the perfect time to think about your superannuation.

According to Synergy Consolidated's Managing Director, Angie Barnard, making voluntary contributions to your super can have significant benefits.

"Voluntary contributions to your super can help you build a larger retirement nest egg, and potentially reduce your tax bill at the same time," says Barnard.

"By making after-tax contributions to your super, you can take advantage of the low tax rate that super funds offer, which could be lower than your marginal tax rate."

Angie also notes that making voluntary contributions can help you reach your retirement goals sooner.

"The earlier you start making contributions to your super, the longer your money has to grow, thanks to the power of compounding returns," she explains.

However, Angie also advises caution when it comes to making voluntary contributions.

"It's important to keep in mind that there are limits on the amount you can contribute towards your super, and exceeding these limits can result in penalties," she says.

"Before making any contributions, it's important to speak to a financial advisor to make sure you're making the most of your retirement savings while staying within the national guidelines."

At Synergy Consolidated, we can help you make the most of your superannuation and ensure that you're taking advantage of all the tax benefits available to you.

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