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.
This email address is being protected from spambots. You need JavaScript enabled to view it.
About the author
About the author
Tax saving
How are Australians planning on spending their tax savings?
Essential bills, savings accounts, Christmas gifts and exchange-traded funds appear to be the big winners from the latest round of tax cuts, new research has revealed. ...Read more
Tax saving
First in the world: SA imposes EV tax
The South Australian government is the first government in the world to introduce an electronic vehicles tax following an announcement by the treasury. ...Read more
Tax saving
5 tips as tax deadline looms
Australians are being warned that they have just two weeks left to get their finances in order if they have not posted a tax return yet. ...Read more
Tax saving
ATO warns businesses of JobKeeper scam
The ATO is warning the community about a JobKeeper scam which is asking members to enter personal information. ...Read more
Tax saving
Why fast-tracking tax cuts won’t stimulate the economy
Treasurer Josh Frydenberg has flagged that previously legislated tax cuts could be moved forward in a bid to help stimulate the Australian economy. ...Read more
Tax saving
Last-minute items to check off before 30 June
With the end of the financial year almost here, an accounting firm has outlined key changes with tax returns this year and flagged some last-minute tax strategies to consider before 30 June. ...Read more
Tax saving
Australia’s richest owe the Tax Office $772m
Australia’s elites and private companies fell $772 million in taxes due to miscalculations and deliberate tax avoidance, the Australian Taxation Office has revealed. ...Read more
Tax saving
Do you have to pay taxes on a trust?
Trusts are usually set up for business, estate planning and investment purposes to separate the legal and beneficial ownership of assets held within the structure. ...Read more
Tax saving
How are Australians planning on spending their tax savings?
Essential bills, savings accounts, Christmas gifts and exchange-traded funds appear to be the big winners from the latest round of tax cuts, new research has revealed. ...Read more
Tax saving
First in the world: SA imposes EV tax
The South Australian government is the first government in the world to introduce an electronic vehicles tax following an announcement by the treasury. ...Read more
Tax saving
5 tips as tax deadline looms
Australians are being warned that they have just two weeks left to get their finances in order if they have not posted a tax return yet. ...Read more
Tax saving
ATO warns businesses of JobKeeper scam
The ATO is warning the community about a JobKeeper scam which is asking members to enter personal information. ...Read more
Tax saving
Why fast-tracking tax cuts won’t stimulate the economy
Treasurer Josh Frydenberg has flagged that previously legislated tax cuts could be moved forward in a bid to help stimulate the Australian economy. ...Read more
Tax saving
Last-minute items to check off before 30 June
With the end of the financial year almost here, an accounting firm has outlined key changes with tax returns this year and flagged some last-minute tax strategies to consider before 30 June. ...Read more
Tax saving
Australia’s richest owe the Tax Office $772m
Australia’s elites and private companies fell $772 million in taxes due to miscalculations and deliberate tax avoidance, the Australian Taxation Office has revealed. ...Read more
Tax saving
Do you have to pay taxes on a trust?
Trusts are usually set up for business, estate planning and investment purposes to separate the legal and beneficial ownership of assets held within the structure. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
