Maximise your superannuation deductions before 30 June 2024

• The current year maximum concessional contribution is $27,500. This needs to have cleared within your superannuation fund by the 30 June 2024. You are then required to notify your superannuation fund, and receive an acknowledgement from your fund stating the amount you will be claiming as a tax deduction.
• If your superannuation balance is less than $500,000 and you’ve made concessional contributions of less than the concessional contributions cap in prior years you may be able to make additional concessional contributions in subsequent financial years of any unused amounts. Unused cap amounts can be carried forward up to five years.
• If you earn less than $58,445 p.a., you could be eligible for the government co-contribution. The government will contribute 50 cents for every dollar of after-tax contributions you make to your superannuation fund up to a maximum of $500. The full benefit is available for income earners under $43,445 and phases out where adjusted taxable income is between $43,445—$58,445.
• Ensure superannuation contributions for employees are paid and cleared by 30 June 2024. We recommend paying these by 15 June to ensure the payments clear with the superannuation funds before 30 June 2024.
  

Disclaimer

The information provided in this article does not constitute advice. The information is of a general nature only and does not take into account your individual financial situation. It should not be used, relied upon, or treated as a substitute for specific professional advice. We recommend that you contact Brentnalls SA before making any decision to discuss your particular requirements or circumstances.