With the end of the financial year fast approaching, I wish to remind you of some important information relating to making tax-deductible superannuation contributions or topping up your super prior to 30th June. 

Maximum concessional contributions for 2020/21 - the maximum concessional contribution allowable this financial year for all self-employed or PAYG employees is $25,000 (for PAYG employees this includes all employer superannuation guarantee and salary sacrifice contributions) *Rules Apply.

Top-up your super to $25,000 and claim a tax deduction – if you have not reached the maximum $25,000 limit via your employer and salary sacrifice contributions, you can ‘top-up’ to the concessional limit of $25,000 and claim a personal tax deduction this financial year. *Rules Apply.

IMPORTANT: Carry forward contributions – due to a change in superannuation rules, you can now ‘carry forward’ the total concessional contribution amount allowable to your super from previous years and claim a bigger tax deduction. This applies to eligible superannuation members who had a total superannuation balance of $500,000 or less on 1 July 2020 and have not contributed their full $25,000 limit in any of the last 3 years. *Rules Apply.

Contribution deadline – we strongly recommend that if you intend to make a personal super contribution this financial year, please do so by 18th June to ensure your funds are processed prior to the 30th of June cut-off.

Your super account details – if you require assistance with information relating to your super account, including how much your employer has contributed to date or you require your payment option details, please email Sasha at sasha@selectadvicegroup.com.au

*Please note rules apply: the above information is of a general nature and does not constitute personal advice. If you require further detailed information regarding your eligibility for making concessional, non-concessional or spouse contributions, please click on our Financial Knowledge Centre link: https://selectadvicefinancialplanning.financialknowledgecentre.com.au/kcarticles.php?id=3077

Alternately if you are unsure of your superannuation status and require guidance on how much you can contribute or claim as a tax deduction this financial year, please call me directly on 0409 221 347 or Elizabeth on 0412 588 278.

Kind regards

Eric Bohl  FChFP Grad Cert Fin Plan

Director/ Senior Financial Planner