Increase your Superannuation before 30 June 2018
From 1 July 2017, all eligible Australians under the age of 75, including employees, are able to claim a personal tax deduction for extra superannuation contributions deposited to their superannuation fund before 30 June 2018 – providing you don’t exceed the superannuation cap of $25,000 and satisfy the work test if you are aged between 65 to 75.
So if your employer has contributed less than $25,000 into superannuation for you, or you are self-employed and have made no contributions so far this year, now is the time to consider topping up your superannuation fund.
Superannuation contributions that you claim as a personal tax deduction pay 15% tax which is collected and paid by your superannuation fund. This can be lower than your personal rate of tax.
Your Superannuation fund will be able to give you details of how to make the extra contribution but remember it MUST be received by the super fund by 30 June 2018 so it’s a good idea to do it a few days early just to make sure it gets there on time. Also you will need to complete some paperwork and submit it to your Superannuation fund in order for them to be tax deductible.