Win-win: Boost your nest egg and enjoy the potential tax savings
Win-win: Boost your nest egg and enjoy the potential tax savings
While it’s legislated that your employer pays a portion of your salary into a super fund, you can also make contributions that add to your retirement nest egg. If you choose to salary package additional super contributions, you could also benefit from a reduced taxable income*
Did you know?
There is an annual concessional contributions cap which apply to all funds except Super SA Triple S accounts.
If you make contributions to a Super SA Triple S account, and it is the only fund you contribute to, it is not subject to the $25,000 cap. However, if you contribute to another fund, or contribute to Super SA and another fund, then the cap of $25,000 applies for the 2018-2019 tax year.
The last date to make any final one off payments for the 2019 financial year is 15 May 2019. There is a black out period for any further adjustments or one off payments from 16 May 2019 to 30 June 2019 inclusive.
If you are currently salary packaging your super, it is important to speak to your financial advisor and ensure your contributions and caps are correct.
We also recommend visiting the ATO website, ato.gov.au, for further information