What is salary sacrifice?

Salary sacrifice is an arrangement where you agree to forgo part of your future salary or wages in return for your employer providing benefits of a similar value. Usually salary sacrifice is placed into super. This can reduce the amount that you are taxed and will increase your super balance at a faster rate. Your salary sacrifice can also go toward care fringe benefits and expense payment fringe benefits (such as school fees, child care costs and loan repayments)

Can I withdraw my super before age 55?

There are certain circumstances in which you can draw on your super early. These include:

• Severe financial hardship
• Compassionate grounds (due to illness or the possibility of losing your house)
• In the event of permanent disability
• If you are a non-resident – when you permanently leave Australia
• If your preserved super benefit is less than $200

We offer a no obligation free initial appointment with our business partner in financial planning, Simon Tworek of Insight Wealth Planning.

Simon Tworek

Adv Dip FP, MFP Director/Senior Financial Planner

Simon has experience with the ANZ Bank and the Newcastle Permanent Building Society during his ten year financial planning career. He holds an Advanced Diploma of Financial Services and has a Masters in Financial Planning. Simon has a strong technical background and is highly skilled and experienced in many areas of financial planning, including retirement planning, personal risk insurance, gearing strategies and wealth creation in general. Simon works closely with his clients on an ongoing basis to continually monitor and review their financial strategies.

Here’s an introduction to a meeting with Simon.