June means the financial year is drawing to a close and it’s a good opportunity to boost your super.

Let’s dive into some good reasons to think about topping up your retirement accounts this month.

Why you should try to grow your super in June

There’s a couple of arguments in favour of trying to grow your super. For one, you could be getting ‘free money’ from the Federal Government, depending on your income level.

The Aussie government will contribute up to $500 to your super fund when you boost your super by $1,000 on an after-tax basis.

To take advantage of this, you need to make sure you meet the eligibility requirements. This includes having a super balance under $1.6 million and a total income less than $38,564. You can also receive a progressively lower government contribution amount if your income is between $38,564 and $53,564.

This means you could potentially grow your super by a total of $1,500 in June. It’s hard to beat a 50% instant return on investment, even if you won’t reap the benefits until you reach the preservation age.

With the S&P/ASX 200 Index (ASX: XJO) falling lower in 2020, now could be a good time to get some superannuation units at a discount.

There’s also the potential to contribute on a before-tax basis. If you contribute before 30 June, you could lower your taxable income in FY20.

For instance, if you earned $50,000 during the year and have managed to save $13,000. You could potentially boost your super by $13,000, claim the tax deduction and make your taxable income $37,000 for the year.

That means your marginal tax rate would fall from 32.5 cents to just 19 cents. All of that while giving your retirement funds a big boost.

What’s the catch?

Of course, contributing additional funds to superannuation is not for everyone. There are always the potential regulatory risks (i.e. government changes) and the fact that your money is locked away for a long time.

However, if you’re looking for simple ways to reduce your tax this year, growing your super is a straight forward way to do it.

More reading

• We’re in recession. What does that mean for investors?
• 2 ASX shares better than the Afterpay share
• ASX 200 down 0.35%: UBS upgrades NAB and Westpac, Qantas soars again
• Talisman Mining share price jumps 12% as drilling set to begin at Lucknow
• Why Appen, CSL, Openpay, & Zip Co shares are tumbling lower

Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Should you aim to grow your super in June? appeared first on Motley Fool Australia.

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At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a subdued note. The benchmark index is currently down 0.35% to 5,970.8 points.

Here’s what is happening on the market today:

Big four banks push higher.

The big four banks are doing their best to drag the market higher. At lunch all four are trading notably higher than the market. Two of the best performers have been National Australia Bank Ltd (ASX: NAB) and Westpac Banking Corp (ASX: WBC). This is thanks partly to a broker note out of UBS this morning. Its analysts have upgraded both banks to a buy rating with $20.50 price targets.

Appen shares drop on insider sales.

The Appen Ltd (ASX: APX) share price has tumbled lower today after investors responded negatively to news of high levels of insider selling. The artificial intelligence company announced that Non-Executive Chairman, Chris Vonwiller, sold 2 million Appen shares on-market. Also selling shares was its CEO and Managing Director, Mark Brayan and Non-Executive Director, Bill Pulver. They sold 95,535 shares and 275,000 shares, respectively.

Qantas continues to soar.

It has been another positive day for the Qantas Airways Limited (ASX: QAN) share price on the ASX 200. After recording a 7% gain on Thursday, the airline operator’s shares are up a further 3.5% today.  Investors have been buying Qantas’ shares after it announced an increase in domestic flights for June and July. Subject to demand, by the end of July Qantas’ domestic capacity could be 40% of pre-pandemic levels. One broker that appears pleased with the news is Morgan Stanley. This morning it retained its buy rating and $5.20 price target.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Friday has been the Sydney Airport Holdings Pty Ltd (ASX: SYD) share price with a 6% gain. The Qantas announcement appears to have given the airport operator a boost today. The worst performer is the Pro Medicus Limited (ASX: PME) share price with a 5% decline. Earlier this week UBS downgraded the company’s shares to a neutral rating on valuation grounds.

More reading

• We’re in recession. What does that mean for investors?
• Why Appen, CSL, Openpay, & Zip Co shares are tumbling lower
• 3 of the best ASX 200 tech shares for your watchlist
• The Kogan share price is surging higher following another positive business update
• Why Kogan, NAB, Qantas, & Sydney Airport shares are racing higher

James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus Ltd. The Motley Fool Australia owns shares of Appen Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post ASX 200 down 0.35%: UBS upgrades NAB and Westpac, Qantas soars again appeared first on Motley Fool Australia.

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The Talisman Mining Ltd (ASX: TLM) share price is racing higher today, up 12.25% to 11 cents on the back of a drilling and corporate update.

Talisman Mining is an Australian mineral development and exploration company focused on opportunities in base and precious metals.

The company’s key asset is the Lachlan Project within the Cobar/Mineral Hill region in New South Wales. Talisman believes there is significant potential for the discovery of substantial base metals and gold mineralisation within this land package.

Additionally, in August 2019, Talisman entered into a farm-in agreement with privately-owned Lucknow Gold in relation to the Lucknow Gold Project in NSW. The Lucknow Goldfield is located within the Macquarie Arc which hosts extensive gold and copper mineralisation, including Newcrest Mining Limited (ASX: NCM)’s Cadia-Ridgeway mine and Regis Resources Limited (ASX: RRL)’s McPhillamy’s project.

Before we dig into the announcement, it’s important to note that Talisman Mining sits at the smaller end of the ASX with a current market capitalisation of around $20 million.

What did Talisman Mining announce?

This morning, Talisman revealed that diamond drilling at the Lucknow Gold Project will begin this month. 

The planned diamond drilling will target an interpreted high-grade lode offset position at Lucknow where historic production was in excess of 400,000 ounces at grades of more than 100 grams per tonne (g/t) gold. 

Drilling was supposed to start in April but was postponed due to COVID-19.

Talisman also provided a corporate update this morning, revealing that exploration drilling and ongoing business development activities have resumed. As a result, the company has lifted a number of measures put in place from the beginning of April in response to the pandemic.

Accordingly, director fees have reverted to pre-COVID-19 levels and senior executives have returned to a full-time working week on pre-pandemic salaries. In addition, the company is expecting a staged return to work for its remaining workforce over the coming weeks, in line with anticipated workflows.

Talisman Mining shares are currently changing hands at 11 cents apiece and have a 4-week average turnover of $34,602 according to Market Index.

More reading

• We’re in recession. What does that mean for investors?
• 2 ASX shares better than the Afterpay share
• Should you aim to grow your super in June?
• ASX 200 down 0.35%: UBS upgrades NAB and Westpac, Qantas soars again
• Why Appen, CSL, Openpay, & Zip Co shares are tumbling lower

Motley Fool contributor Cathryn Goh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Talisman Mining share price jumps 12% as drilling set to begin at Lucknow appeared first on Motley Fool Australia.

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