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  • Writer's pictureCOMPASS

Increase your end-of-financial-year Tax Deduction

This Financial Year, employees (not just Sole Traders) are able to make additional contributions to their Super Plan and claim a Tax Deduction.

This is a great way to improve your tax refund, whilst also growing your retirement savings at the same time.

For example: If you contribute an extra $2,000 to your Super, you can claim that as a tax deduction to potentially improve your tax refund (cash back).

Any Super Guarantee (“SG”) contributions your employer pays, and any “Salary Sacrifice” contributions you make are not tax deductible, because you already receive the tax advantage through your salary/wage.

Also, you must be aware not to go over the contribution limit of $25,000 for SG, Salary Sacrifice, & personal contributions you wish to make and claim a tax deduction for.

Making an extra contribution is simple: we can provide you with your unique code for you to make a contribution electronically into your Super, or discuss the alternatives with us.

We are required to say that you should enquire with your Accountant about your tax advice and the impact of this strategy.

You can also read about it directly from the ATO website

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