A super strategy to pay less tax this year

A super strategy to pay less tax this year

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.