End of Financial Year Tax Tips

The end of financial year is almost here! Now is the time to review what strategies you can use to minimise your tax. 1. MAXIMISE DEDUCTIBLE SUPER CONTRIBUTIONS Individuals can now make tax-deductible personal contributions to superannuation to reduce their taxable income. The advantage of this strategy is that superannuation contributions are taxed at 15% or 30% compared to typical personal income tax rates of between 34.5% and 49%.Superannuation contributions…  Read more

Deductible super contributions are now for everyone!

For many salary and wage earners, the super guarantee that is deducted from each pay is something most of us don’t notice. Some people choose to contribute extra funds to super to further build retirement savings. Concessional super contributions are taxed at 15%* as opposed to marginal tax rates of up to 49% providing significant tax savings. With the recent superannuation reforms, one simple change has provided an excellent tax…  Read more