A reminder that superannuation contributions are only tax deductible in this financial year if they are received in your fund before 30 June. We recommend paying contributions well in advance (we suggest by 17 June, or contact your super fund or clearing house for their advice) to factor in possible processing delays.
The base annual concessional contribution cap for the current income year is $27,500, which includes employer contributions. Contributions made by individuals over the cap amount attract additional tax penalties. However, if you have unused cap amounts from the previous five financial years, these can be carried forward to allow additional concessional contributions to be made in this financial year.
To find out more, please contact our team via (02) 9375 1200 or email gary@roskant.com.au, raul@roskant.com.au or elias@roskant.com.au