Super – How One Recent Tax Change Can Positively Impact You

Super – How One Recent Tax Change Can Positively Impact You

Tennant Schultz, business growth consultants in Adelaide South Australia, explains one of the positive changes to superannuation contributions that may be of benefit to you.

If you are an employee, one of the changes to super that has come into effect as of 1 July 2017 is the ability to now claim a tax deduction for personal super contributions made outside of your employment arrangements. This is the case for most people who are under 65 years old, and even for those who are aged 65 to 74 years old who work sufficient paid hours in a month. Previously if you wanted to get the benefit of making additional super contributions in a tax effective way as an employer you had to do this slowly via salary sacrificing and potentially set this up very early in the financial year. There was previously no ability for an employee to make a one-off lump sum super contribution late in the financial year and get a tax deduction for it.

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