Super Contributions before end of financial year
Have you considered options to top up your super fund prior to 30 June?
- You no longer need to be self-employed to claim your contributions as a tax deduction (up to certain limits)
- Making a spouse contribution may entitle you to a tax offset up to $540 (depending on your spouse’s income and age)
- Setting up a salary sacrifice arrangement through your employer can help to boost your retirement savings throughout the year at the same time as reducing tax payable on your income
- Making a personal contribution not only boosts your tax-free savings for retirement, you may be eligible for the government co-contribution up to $500 (depending on your income)
- If you are nearing retirement, there may be advantages in boosting your super to create a tax-free income stream. You may be eligible to bring-forward 3 years of contributions.
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