If you want to make a last-minute contribution to get a bigger deduction and tax saving, you’d better snap to it. This is what to do.
is a great way to reduce your tax bill while boosting your retirement savings.
To meet the work test exemption in 2022-23, you must have met the work test in 2021-22, had a total superannuation balance of less than $300,000 at June 30, 2022, and not used the exemption before. You must provide your fund with a notice of intent to claim a tax deduction for the contribution and have it acknowledged before lodging your tax return. Do not touch the contribution – roll it over to another fund, withdraw it or start an income stream – before lodging this notice.
The low-income super tax offset refunds this tax if you earn less than $37,000 a year with at least 10 per cent of your income coming from employment or business.If you didn’t use your entire concessional contributions cap in previous years , the unused amount can be contributed – an opportunity to make a larger contribution to get a bigger deduction and tax saving.
A tax deduction is allowed when a contribution is received – like now in June – but as contributions must be allocated to members’ accounts within 28 days after the end of the month in which they’re received, it does not have to be allocated until July 28 .So, with a second contribution now of $27,500, a deduction of up to $55,000 may be available – handy if you’re trying to reduce capital gains tax arising from the sale of an investment property.
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