With the end of the financial year not too far away, here are the 5 actions to take to get the most out of the superannuation system.
1. Concessional superannuation contributions
Can you make additional concessional contributions to super?
Concessional contributions include your employer’s 10.0% input, salary sacrifice contributions and any amount you claim as a personal tax deduction. (You no longer need to be self-employed to claim the tax deduction). Your concessional contributions cannot exceed $27,500 in aggregate.
The normal age rules apply. Up to age 67, anyone can make a contribution. If you are between 67 and 74 years, you must pass the ‘work test’, which is defined as working 40 hours over any period of 30 consecutive days. If you are 75 or over, only mandated employer contributions (the compulsory 10.0%) can be made.
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