You never miss a deadline for a good reason - they matter.

Adhering to deadlines is paramount in the legal profession. Procedural requirements, client expectations, effective case management, proactive preparation, potential legal consequences, and professional ethics all emphasise the importance of meeting deadlines. By working diligently within these timelines, legal professionals ensure the smooth progression of cases, build trust with clients, and ultimately achieve positive outcomes. It's a mindset ingrained in the legal field that you can apply to various aspects of life, including retirement planning.

By acting before the June 30 deadline, you can substantially impact the growth of your superannuation savings.

Two simple tax-saving strategies can help you achieve this:

Concessional Contributions:

One effective strategy is to consider making concessional contributions.

This involves salary sacrificing a portion of your pre-tax income to your superannuation account. By doing so, you take advantage of tax concessions. Reducing your taxable income for the current financial year likely results in paying less tax and increases your retirement savings. This approach can be compared to effective case management in the legal profession, where careful preparation leads to more favourable legal outcomes. Embracing concessional contributions, can assist your superannuation to grow efficiently every year, setting it on a more productive path.

For example, let's say you earn $100,000 per year and decide to contribute $10,000 of your pre-tax income to your super before June 30. This reduces your taxable income to $90,000 for the financial year. As a result, you pay less tax on the $90,000, leaving you with more money to invest in your retirement savings. Over time, these additional contributions and tax savings can significantly enhance the growth of your superannuation.

Non-Concessional Contributions:

In addition to concessional contributions, another option to consider is making non-concessional contributions to further enhance your retirement savings. Non-concessional contributions are made from after-tax income and can serve to boost your superannuation savings. By making these contributions before the June 30 deadline, you benefit from potential tax-free earnings within your superannuation account.

For instance, let's say you receive a bonus of $20,000 after tax. Instead of spending it or keeping it in a regular savings account, you contribute it to your superannuation before June 30. This means the $20,000 will be invested within your super, and any earnings generated will be tax-free. Over time, these tax-free earnings can significantly add to your retirement nest egg.

You know law. We know super.

As the provider of superannuation services to the legal industry, we've served its unique needs for over thirty years. Since 1989 we have delivered customised high-performing superannuation solutions for the legal community. Members trust us to act in their best financial interests. We manage their super with the same exceptional level of knowledge they bring to their work in law. This commitment is the bedrock of our partnership and drives everything we do.

Our goal is to always exceed our members' professional expectations.

To capitalise on your commitment to the legal industry, choose the fund that knows super as well as you know law. Visit legalsuper.com.au to find out more.

We’re here to help

Our experienced team of superannuation specialists is available to assist in exploring every available option. Whether you prefer in-person, over-the-phone, or online meetings, legalsuper’s skilled Client Service Managers have a combined average of 20 years in the financial industry and are committed to making your experience easy and effective. Get the help you need with a fund that knows super as well as you know law.

If you have any questions about growing your super, our team can help. Send us a message or call us on 1800 060 312 between 8.00am and 8.00pm (AEST/AEDT) Monday to Friday.

Disclaimers:

It's important to note that there are limits on the amount of concessional and non-concessional contributions that can be made to a superannuation fund each financial year.

These limits are subject to change and should be considered when planning your contributions.

This information provided is of a general nature, and it's recommended that you obtain personal advice from a licensed financial adviser and read the legalsuper Product Disclosure Statement (PDS) and Target Market Determination (TMD) available at www.legalsuper.com.au before making any decision. Past performance is not a reliable indicator for future performance.