We hope you’re doing well and gearing up for the end of the financial year!
As June 30 approaches, it’s the perfect time to ensure you’re making the most of your superannuation contributions. Whether you’re an employee or running your own business, there are fantastic benefits to topping up your super before the financial year wraps up.
Making end-of-financial-year (EOFY) super contributions can offer several benefits:
- Boost Your Retirement Savings: Additional contributions can significantly enhance your retirement nest egg, helping you enjoy a more comfortable lifestyle.
- Take Control of Your Taxes: Contributions to your super can be tax-deductible, giving you the power to reduce your taxable income for this financial year. It’s a smart way to manage your tax obligations while investing in your future.
- Reducing Capital Gains Tax: Making a concessional super contribution may allow you to offset capital gains tax liabilities if you’ve sold investments during the financial year. By contributing to your super fund, you may be able to reduce your taxable capital gains.
- Reducing Taxable Income for Medicare Levy Surcharge: Making additional super contributions can potentially lower your taxable income, which may help you avoid or reduce the Medicare Levy Surcharge if you’re above the income thresholds.
- Employer Contributions Matching: Some employers offer matching contributions to their employees’ super funds. By making additional contributions before the EOFY, you may maximise the amount of matching contributions you receive from your employer, effectively doubling your savings.
- Super Co-contribution: For individuals who earn below a certain threshold, the government may provide a super co-contribution when they make after-tax contributions to their super fund. This co-contribution can help boost retirement savings and is subject to specific eligibility criteria.
Are you curious about how much of a contribution you can make to super this year?
It’s easier than you might think! You can check through myGov, the Australian government’s online portal for managing your government services. Simply log in to your myGov account, navigate to the ATO section, and find all the tools you need to manage your super contributions hassle-free.
How do you monitor your carried forward concessional contributions?
View Guide HEREFor those of you contributing to Macquarie Super Manager/Super Manager II, here are the essential contribution codes you’ll need to ensure your payments are processed smoothly:
Personal Biller Code – 423004
Spouse Biller Code – 423020
You will need to contact our office to obtain your BPAY Reference number if you don’t already have this. You can call us on 9382 1866 or send us an SMS/text message to 0488 805 828.
Remember, the end of the financial year is a fantastic opportunity to take control of your financial future and set yourself up for success. Don’t hesitate to reach out if you have any questions or need assistance with your super contributions. We’re here to help!
We wish you a fantastic end to the financial year and a prosperous year ahead.
If you are having trouble with your superannuation, we are here to help. Forrest Private Wealth is a financial planner in Perth that can make your retirement planning simpler. We work with you to make your short and long-term goals achievable.
We prioritise setting aside time now to better your future. Forrest Private Wealth gets to know you on a personal level to make informed decisions on what options are right for you.
Book a virtual coffee today and start your journey to a better future.