With the end of the financial year fast approaching, now is the time to make extra contributions to your super and maximise your tax return. It is never too late to grow your retirement nest egg. Not sure how to get started? Here are The Moreton Group’s top tips for tax time:
- Reduce your taxable income by salary-sacrificing into super:
- Ask your employer if they offer salary sacrificing
- Let your employer/accounts team know how much you want to contribute each pay.
- Make contributions to super before June 30 and claim them back on tax:
- Before you make a contribution, check you are eligible
- Ensure that the cumulative amount of your contributions in the last year is no more than $27,500
- Make a contribution to your super fund via their website or app.
- Fill out a Notice of intent to claim or vary a deduction for personal contributions form to your super fund and receive an acknowledgement
- Get a super top-up from the Government:
- If you are eligible, you’ll receive up to 50c for every extra dollar you contribute into your super account and don’t claim a tax deduction on, up to a maximum of $500 through the Government Co-contribution scheme
- Contribute to your super ahead of June 30.
- Make a spousal contribution:
- If you are eligible, you can contribute to your spouse’s super and claim a tax offset of up to $540
- Fill in the details about the super contributions made on behalf of your spouse in your tax return
- Lodge your tax return.
- Invest your tax return into super:
- Check you are eligible
- Contribute to your super once you receive your tax return
- Fill out a Notice of intent to claim or vary a deduction for personal contributions form to your super fund and receive an acknowledgement
- Make a claim on this contribution next year!