June 30 only weeks away
The end of financial year is only a few weeks away so now is the time to be looking at ways to minimise your tax and grow your super. If you are working and are aged between 49-75 the Concessional contributions strategy may be something you should consider.
The general concessional (pre-tax) contribution cap for 2014/15 is $30,000. If you are of age 49 or more on 30 June 2014 then your concessional cap is $35,000 this financial year. Concessional contributions include your employer contributions (both superannuation guarantee and salary sacrifice) and your personal contributions for which you can claim a tax deduction.
If you have any queries regarding any of the issues raised in this article please call us on 03 5557 9111