This year, with income tax rates falling next FY, is a great year to add to your superannuation & receive a tax deduction (which will be larger with higher tax rates). It must be allocated to your account by the 30th, not made on this day. Aim for the 21st to have this done. You’re looking to make a “personal contribution” but watch how much work has already made for you – give me a call or drop me an email if you have concerns.

Co-Contribution – If your income is under $45,400 and you make a non-deductible contribution of $1000, the government will add $500 to your super account. Co-contributions shades out above $60,400.

Spouse Contribution – If your spouse earns less than $40k, you maybe able to claim a tax offset of up to $540 (if their income is less than $37k) for a $3000 non-deductible contribution – shade out applies.

Catchup Contributions – I will have spoken to you about this, where you haven’t used you full concessional cap in any year for the past 5 years and your super balance is <$500k, you can make deductible contributions.

First Home Savings Scheme – If your kids are saving for their first home, they can save in their super fund and reduce the tax on their investment – limits apply, contact me for more details.

Salary Sacrifice is always a great way to improve your super balance, start off 2024-25 FY by setting up an arrangement with your employer to put extra away for retirement.

I’m always available to answer any questions you have around your superannuation, please get in touch if at anytime your unsure about it.

The ATO & MoneySmart websites are also a great resource for more information.
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