Looking for a tax time checklist to ensure you have everything in order by June 30th? We have you covered!
Cut-off date 24th of June.
The cut off date is June 30 for superannuation contributions, but we recommend making your absolute last minute cut-off date the 24th of June to make sure there is time to process your contributions and allow for any slowdowns in the process. Unfortunately, the tax system is not flexible when it comes to cut off dates so please speak to your adviser to ensure any contributions are made on time.
Super Contributions Increases.
Another thing to note, and to keep an eye out for, is that Superannuation contributions made by employers will increase from 10% to 10.5% in the new Financial Year. This will continue to increase 0.5% each year until 1st July 2025 when it hits 12%.
Other things to consider for End Of Financial Year include:
Concessional contributions – Contribute up to $27,500 to your super and claim a tax deduction, read more here.
Non Concessional contributions – Contribute between $110,000 to $330,000 to your super, more information here
Spouse contributions – If your spouse earns less than $37,000 you can add to their super and claim an offset of up to $540, read more here.
Co-contributions – Low and middle income earners may be able to receive up to $500 co-contributions from the government, read more.
Catch up contributions – Take advantage of unused non concessional contributions for the past three years. Read our blog for information.
Bring forward contributions – Use your non-concessional contributions for the next few years, more information here.
Small business concessional contributions – Find out which capital gains exemptions and rollovers you might qualify for here.
Small business sale – Find out about capital gain exemptions if you sell your business. Available for 15 year exemption and Retirement exemption
Instant asset write-off – Find out which assets qualify for a deduction here.
*Please be aware that super contributions only apply to those who are eligible and only if they are applicable to your personal situation.
We can help you with any queries or transactions related to your super however, we suggest seeking tax advice and checking your eligibility with your accountant before acting on any of the suggestions below. Remember, tax planning should align with your overall investment strategy.
As always, please give us a call or drop us an email if you would like to discuss any of the points we raised.