Superannuation: a perfectly legal tax haven

A Dueto guide to wake up before the end of financial year is here

Think superannuation is a snooze? Me too!

But here in Australia, we’re obsessed with property - which is outrageously expensive - while ignoring the lowly taxed government handout of superannuation.

Superannuation is actually a legal tax haven—it’s almost like stashing your cash in one of those sunny offshore islands.

Super is not only legal, it’s actually encouraged.

As we accumulate super during our working lives, it’s taxed concessionally - generally around 15% - and when you convert superannuation into retirement income, it usually becomes completely tax-free.

Australia is usually known for being a highly taxed country, where capital gains tax and income can be taxed as high as 45%, but superannuation is almost the opposite.

Even better? You can sometimes snare yourself a tax offset or deduction if you plan things right.

Quick super tips to maximise your tax (even if you aren’t a millionaire):

‘Contribution caps’ sound dry but they’re your ticket to tax savings.

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