Superannuation Tax Time Tips
With the end of the financial year almost upon us, we have prepared some helpful tips to ensure you get the most out of your super this tax time.
1. Don’t get caught above the cap
Now is a good time to check where you are at with your concessional contributions. You may want to avoid the consequences of going over the $25,000 contributions cap.
Subject to eligibility, from financial year 2020 new rules have come to effect where by unused concessional contributions from 1 July 2018 can be carried forward.
2. Personal Contributions
Personal super contributions are the amounts you contribute to your super fund from your after-tax income.
If you wish to make personal contributions into your fund ,these need to be payed no later than Wednesday 24 June to be certain they are received before the end of the financial year.
3. Share the love of super with your spouse
You can make after-tax payments into your spouse’s super fund. You may be eligible for a tax offset if you make contributions on behalf of your spouse who is earning a low income or not working.
3. Look at your insurance
Now is a great time to review your insurances as your needs and circumstances change over time. It’s important to think about the level of cover you need and consider your insurance premiums.
You may have insurance through your super, so it’s a good idea to compare this against other policies you have outside of super to check whether you have any double ups.
The above does not constitute financial advice, we recommend you obtain professional financial advice specific to your circumstances. If you wish to do so, please contact our office to arrange a meeting with an adviser.