Save
Tax, super sweetener up for grabs by 30 June
Investors looking to maximise their position in their superannuation fund should take note of what’s on offer before end of financial year, which falls on this coming Sunday.
Tax, super sweetener up for grabs by 30 June
Investors looking to maximise their position in their superannuation fund should take note of what’s on offer before end of financial year, which falls on this coming Sunday.
Personal super contributions made before 1 July 2019 will be tax deductible as long as the contributor lodges a notice of intent to claim a deduction with their fund and receives a confirmation letter from the fund before lodging their return.
ATO assistant commissioner Graham Whyte believes the end of financial year is the perfect opportunity to deposit money into superannuation due to the tax benefit.
“Checking your balance, consolidating multiple accounts or making an after-tax contribution are easy ways to boost your balance for retirement,” said Mr Whyte.
In an effort to encourage investment for lower-income earners, the government offers the additional carrot of a $500 co-contribution payment, which is 50 per cent of the money deposited by the contributor.
Individuals making between $38,564 and $53,564 are eligible for the co-contribution.
Additional eligibility requires having less than $1.6 million in superannuation and not exceeding the non-concessional contribution cap in the relevant financial year.
“We know most people think of super as something that goes on behind the scenes; however, I’d like to encourage everyone to set aside a bit of time to engage with their super,” said Mr Whyte.
“Taking this time every year is a great practice to ensure the continuous growth of your nest egg”, he said.
About the author
About the author
Tax saving
Investor tax shifts squeeze borrowing power: what boards, lenders and developers need to do next
Australia’s proposed changes to capital gains tax concessions and negative gearing are already flowing through lender calculators, shaving investor serviceability at the margins that matterRead more
Tax saving
Budget relief now, capital friction later: what SMEs should really plan for
The Federal Budget hands small businesses short‑term relief, but looming changes to investment and trust taxation could reshape capital flows, risk appetite and valuations across Australia’s SME ...Read more
Tax saving
Clarity as capital: why the ATO’s rental deduction guidance is now a business strategy issue
The Tax Institute’s push for plainer, more practical ATO guidance on rental property deductions is not a semantic debate; it’s a capital allocation problem. Ambiguous rules inflate compliance costs, ...Read more
Tax saving
$20,000 instant asset write-off extension welcomed, but calls for broader support grow
The Australian government's decision to extend the $20,000 instant asset write-off into the next financial year has been met with approval from business leaders. However, there are growing calls for ...Read more
Tax saving
The downsizer dividend: How targeted tax levers could unlock housing supply in Australia
A call by Raine & Horne to incentivise seniors to move to smaller homes has kicked off a wider policy conversation that reaches well beyond real estate. If designed well, a targeted package could ...Read more
Tax saving
Raine & Horne's bold move could unlock housing supply but what are the hidden risks
Raine & Horne’s call for targeted tax incentives to encourage empty nesters to ‘rightsize’ isn’t just another sector wish list; it’s a potential lever to free up family homes, ease rental ...Read more
Tax saving
From annual check-ups to always‑on: how modern portfolio reviews unlock after‑tax alpha
The era of once‑a‑year portfolio check‑ins is over. Continuous, tech‑enabled reviews now drive returns through tax efficiency, risk control and behavioural discipline—especially in a high‑rate ...Read more
Tax saving
Navigating tax laws for capital gains in 2023
The landscape of Australian tax laws surrounding capital gains is ever-changing, with 2023 being no exception. Read more
