Make the most of new super contributions rules
Changes to the super contribution rules mean anyone, not just the self-employed, can now make personal tax-deductible super contributions as part of their tax planning activities.
This current financial year (2017/18) is the first opportunity for employees to make personal tax-deductible contributions into super. This involves contributing money (up to $25,000 including employer contributions) from personal funds into super and claiming a personal tax deduction.
Previously, only substantially self-employed people (where less than 10% of their income was via wages) could make deductible super contributions; employees could only do so via salary sacrifice contributions.
To find out more, contact us today on (03) 8888 4000 or email us.
For more great superannuation tips, check out Matt Morrison’s post Is Superannuation still so “super”? from his ‘Wealth Creation for Gen X’ series.