[PDF] Super Scoop 2001 - QSuper - Queensland Government

I’ve decided Qto salary sacrifice,
but I’m not sure what to do with
my additional take home pay.
It’s important to make the most of this money. A
good option is to reduce your home loan, personal
loans or credit card bills. Concentrate on those debts
with the highest interest rates first.
Once you are in control of your finances, consider
superannuation. It is never too early to save for your
retirement. For long-term investors, superannuation
remains a very tax-effective saving strategy,
particularly when compared to other investments.
Remember, you usually can’t access your super
until you retire.
A range of
workbooks are
available to assist
you with these and
other issues.
Q
What should I do about my
superannuation surcharge debt?
The superannuation surcharge takes the form of a
debt levied against superannuation accounts of high
income earners. Generally, it is required to be paid
when the member first withdraws funds from their
account. There are many strategies and issues to
consider when dealing with this debt, including:
s If you intend to pay it off, save interest by repaying it
just prior to 30 June.
s If you intend to maintain it, adopt an investment
strategy that is likely to outperform the interest cost.
s If you intend to make voluntary contributions to
offset it, consider making them via salary sacrifice
instead of after tax contributions.
s If you intend to make after tax contributions,
consider saving separately in an account for your
spouse. If your spouse earns less than $10,800,
you may be entitled to a tax rebate of up to $540.
s If you are likely to be in excess of your reasonable
benefit limit, consider leaving the debt to accrue,
as any surcharge debt will reduce your end benefit
and, therefore, reduce the amount of your benefit
that may be taxed at the highest marginal rate.
Are you staring at tax benefits and don’t know it?
Open a QSuper account for your spouse today.
Call QSuper on 1300 360 750 or visit our award winning website at www.qsuper.qld.gov.au to find out
the taxation and other benefits of contributing as little as $500 for your partner.
QSuper 2001 Annual report to members
SUPERSCOOP
15