Lodging Your Tax Returns South Hedland – 8 Superannuation Contribution Factors To Consider

If you are looking into your tax returns South Hedland preparations as early as now, good on you. When you discuss your financial activities and tax affairs with tax accountants – one aspect you should not overlook when preparing and lodging your tax returns is your superannuation contributions. Here are some superannuation contribution tips that might come in handy:

1. Spouse contributions
If the earnings of your spouse this financial year is less than $13,800 – you would be pleased to know that you can claim up to $540 tax rebate if you contribute on their behalf.

2. Get free money
If you make a non-concessional contribution into your superannuation and you earned less than $46,920 this tax year – here’s a good news: you can get up to 50 cents in the dollar contribution from the government (with a cap of $500).

3. Avoid exceeding your contributions cap
$25,000 is the cap on concessional contributions. If you exceed your contribution cap, you can be liable to penalty tax. Don’t forget to look into this on your tax returns South Hedland before the end of 30 June this financial year.

4. Make maximum payments
It would be good to make the maximum payments available before 30 June – especially if you are likely to be under the contributions cap and you would make additional payments.

Also, it would be a wise choice to take advantage of the cap if your personal tax rate is more than 15%. This way, you can have extra tax savings on your tax returns this financial year. Talk to tax accountants in your local area to glean more insights on how to make the most of your tax returns South Hedland.

5. Review your insurance
The end of the tax year would be a good time to look into your overall long-term financial plan such as insurance – aside from, of course, looking into your tax commitments. Organising this through your super fund would be a good idea. However, to make up any shortfall – you also need to consider additional contributions.

6. Self-employed contributions
If you are fully or substantially self-employed – you would be again pleased to know that you can claim 100% tax deduction on your tax returns for any superannuation contributions you make. Contact tax accountants to figure out whether or not you are eligible.

7. Time it right
Make sure that your trustee receives deductible contributions by 30 June. This way, these can be counted for this financial year. It would be good to remit the contributions days before the said date so there’s plenty of time for them to be received.

8. Salary sacrifice review
Remember that your concessional contribution cap gets affected by salary sacrificing into your superannuation fund. And because there’s a superannuation guarantee increase from 9% to 9.25% – it is likely that salary sacrificing might push you over the cap. Don’t forget to look into this when you discuss your tax affairs with your tax accountant, as well.

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