Want to save on tax while maximising your super? Take advantage of salary sacrificing to plan for your retirement. Author: Diana Antonious Salary sacrificing is a great way to top up your super funds and meet your retirement goals. You might want to maintain a lifestyle later in life, or afford long vacations. Adding a small amount from each payslip may be a sacrifice now, but it can really pay off down the track. Your future self will thank you. Imagine a crystal ball that you can look into and see your future. What do you want to see? It doesn’t matter how old you are. We’re all looking forward to a time where we can choose whether or not to work, and for how long. It’s never too early to start thinking about your retirement goals. Not only could you be saving on tax, topping up your super over the years could mean you are able to retire earlier – imagine that! Salary sacrificing – understanding the rules A salary sacrifice is when you make a pre-tax contribution to your super, also known as a concessional contribution. You choose to ‘sacrifice’ part of your pre-tax salary, or bonus, and your employer adds it directly to your super account. In addition, your employer is required to contribute a compulsory SG amount, currently 9.5% of your salary. The amount you can salary sacrifice as before-tax (concessional) contributions will decrease on 1 July 2017 from $30,000 to a cap of $25,000 per financial year for all ages. If you’d like to learn more about salary sacrificing and saving on tax while maximising your super, contact our office to speak to one of our accredited financial planners.         General Advice Disclosure: This document contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. If you decide to purchase or vary a financial product, your financial adviser, AMP Financial Planning and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/or a percentage of either the premium you pay or the value of your investment. Please contact us if you want more information.