- Extra tax deduction by topping up your super? If <67, or >64 and <75 and meet a work test (40 work hours in 30 consecutive days), the FY23 limit for tax deductible contributions is $27,500. Consider making a top up personal contribution and claiming a deduction. Note cash must be received by the super fund by Friday 30th June 2023. There is also an option to move some listed assets off market via in specie contribution, but this cut off is 16 June.
- Have unused concessional contributions since 1 July 2017 and a super balance <$500,000? Consider a catch-up contribution to use unused caps.
- Considering a non-concessional contribution (from personal savings or a family trust) to super? The limit is $110,000 for FY23 (or $330,000 for 3 financial years brought forward) if you are < 75 and only where your total super balance is < $1.7M (or <$1.48M to use the bring forward rule).
- The government co-contribution may be attractive if you have worked this year and earned <$57,016. Receive a co-contribution of up to 50% for non‑concessional contributions up to $1,000.
- If your spouse has assessable income <$37,000, a spouse contribution (subject to NCC caps) of $3,000 could benefit you with a tax rebate of up to $540.
- Drawing a pension from your self-managed super fund (SMSF)? Make sure the minimum is drawn by Friday 30th June 2023.
- Realised higher than usual capital gains this year? Please call us to discuss further if we have not already covered with you.
- Paying interest in advance? Make sure interest is paid by Friday 30th June 2023. A small bit of good news, higher interest rates = higher tax deduction.
- Making donations? Obtain a tax receipt in the name of the highest taxpayer before Friday 30th June 2023.
- Note the compulsory super rate increases from 10.5% to 11% from 1st July 2023. The maximum base for high income earners is $62,270 per quarter ($249,080 pa) for FY24. Do your employer super contributions (including voluntary amounts) align with the $27,500 concessional cap?