30/05/2022
END OF FINANCIAL YEAR CONTRIBUTIONS
Should you wish to make a super contribution in the 2021/22 financial year, you need to ensure your super fund receives it before 30 June 2022. This is particularly important if you plan to claim a tax deduction for any of your contributions.
*Concessional Contributions: the most common types of concessional contributions are employer contributions, such as super guarantee and salary sacrifice contributions. Concessional contributions also include personal contributions made by the member for which the member claims an income tax deduction. Concessional contributions are subject to a yearly cap of $27,500 (this also includes your Employer Contributions)
*Spouse Contribution: If your spouse has earnings below $37,000 you can claim the maximum tax offset of $540 when you contribute $3,000 to his/her super.
*Co-Contribution: If you're a low or middle-income earner and make personal (after-tax) contributions to your super fund, the government may also make a contribution (called a co-contribution) up to a maximum amount of $500. You may be eligible if your earnings are less than $56,112 for 2021/22.
To ensure your contributions are processed in time, you should forward your contribution at least one week before the EOFY deadline dates as follows:
*BPAY – approximately 5-7 days prior to 5pm Thursday 30 June 2021
*Direct Debit – approximately 5-7 days online prior to 5pm Thursday 30 June 2021
*Electronic Funds Transfer (EFT) – approximately 5-7 days prior to 5pm Thursday 30 June 2021
*Cheques - please ensure you consider the time it will take for postage to ensure your super fund receives your cheques approximately 5-7 days prior to Thursday 30 June 2021
Please contact Smarter Financial today for End of Financial Year advice and information, 02 6584 2166 or [email protected]
