Making The Most Of Your Super Before The End Of Financial Year
With the end of the financial year fast approaching, it’s a great time to make sure you are making the most of your super limits before 30 June 2019.
Generally, the Superannuation Guarantee payments of 9.5% are helping working Australians to build their financial future. There are also other ways you could get more out of super, such as by taking advantage of this year’s super limits to make additional contributions:
Concessional Contributions (Before Tax)
You can contribute up to $25,000 (including any Superannuation Guarantee) from your before tax salary this financial year. These contributions are taxed at 15%, which may be lower than your marginal tax rate.
DID YOU KNOW: You can make a one-off personal deductible contribution at any time prior to the 30 June and claim a tax deduction through your tax return.
Non-Concessional Contributions (After Tax)
You can contribute up to $100,000 this financial year. You may also be able to bring forward up to the three years' worth $300,000 in total.
DID YOU KNOW: You can help family members boost their superannuation balances? Help them take advantage of the Government Co-contribution or make an eligible spouse contribution.
If you would like to find out more, contact your adviser at Barwon Financial Planning.