EOFY Tips – Make the most of your super contributions

Retirement Planning

Are you looking to grow your retirement savings?
Do you make voluntary super contributions?
Are you aware of the $30,000 contributions cap?

 

There are many important tax benefits associated with investing in super. But to make the most of these benefits you need to understand the different types of super contributions, and be aware of the limits (referred to as ‘caps’) that exist on how much you can contribute to super tax-effectively each financial year.

The two main types of contributions that have a cap are:

• Concessional (before-tax) contributions – these are generally made to a super fund by your employer, or if you’re self-employed, those made by you for which you claim a tax deduction. Examples include Superannuation Guarantee (SG) contributions, salary sacrifice amounts, and any amount allowed as a personal deduction in your income tax return.

• Non-concessional (after-tax) contributions – these are personal super contributions which you or your spouse makes for you with after-tax income.

For further details please refer to our attached article – Make the most of your super contributions

If you would like to discuss this further please call us on (08) 8272 6444 and see ask we can help.

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