With the end of financial year approaching, it’s time to start thinking about how you can reduce your tax bill and keep more of your hard-earned money in your pocket.

One simple and effective way to do just that is making concessional super contributions before June 30.

With an annual limit of $27,500 on concessional contributions, you can make additional personal contributions to top up your employer’s contributions and claim a valuable tax deduction.

But even if you’ve already hit the limit, there’s still hope thanks to a little-known rule called ‘The Carry-forward Rule’.

This powerful rule allows you to put more contributions into your super and claim a tax deduction, as long as you have unused contributions caps from the last 5 financial years starting from 2018/19, and your total super fund balance is under $500,000 as at June 30, 2022.

So don’t wait until it’s too late – act now and start making the most of this valuable opportunity to pay less tax, boost your super fund balance, and set yourself up for a worry-free retirement.