Switzer Daily
10 June 2021
The end of the financial year is just around the corner. Here are 5 end-of-year actions to make sure you get the most out of the super system.
1. Concessional contributions
Can you make
additional concessional contributions to super?
Concessional
contributions include your employer’s 9.5%, salary sacrifice contributions and
any amount you claim as a personal tax deduction. (You no longer need to be
self-employed to claim the tax deduction). Your concessional contributions cannot
exceed $25,000 in aggregate.
The normal age rules apply. Up to age 67, anyone can make a contribution. If you are between 67 and 74 years, you must pass the ‘work test’, which is defined as working 40 hours over any period of 30 consecutive days. If you are 75 or over, only mandated employer contributions (the compulsory 9.5%) can be made.