EOFY Tax Tips for Superannuation

If you are making personal super contributions from your after-tax income, you may be eligible to claim up to the contribution cap of $27,500 for the 2021/2022 financial year.  It’s important to speak to your adviser to ensure this is the right financial strategy for you.

Considering this effective strategy for reducing tax?  You may be interested in the following tips:

  • Previously unused concessional contributions from prior years can be bought forward allowing for a larger one-off contribution if your income tax is higher this year.

  • If you have a spouse you can make a spouse contribution based on their earnings.

  •  If you are a low- or middle-income earner and make personal after-tax contributions the government may also make a co-contribution up to $500.

 

You can find details about eligibility on the ATO Website. and by contacting an Evolution Adviser to discuss your individual situation and what will work best in your circumstances.

 

Jo Bright