With 30 June just around the corner, we wanted to quickly remind you about superannuation contributions and how they can affect your tax deductions.
To claim a deduction for this financial year, any personal super contributions need to be paid and received by your super fund before 30 June. It’s always a good idea to allow a little extra time to ensure everything’s processed on time.
If your super balance is under $500,000 and you’ve not fully used your concessional contribution cap in the past five years, you may be eligible to contribute more than the usual $30,000 annual cap. This is a great option for anyone looking to catch up on missed contributions or make the most of their super while reducing taxable income.
This could apply to you or others who may have had lower contributions in previous years and are looking to boost their super for retirement. If you’d like more details or need help figuring out your contribution options, don’t hesitate to get in touch. Keep in mind that cut off time though, if you want to discuss this with us, best do it now – we’re happy to help!
Note: The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.
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