As you know the 30th June is the end of the 2024 financial year, it is important you do not forget to make your maximum super contribution if this is part of your wealth and/or retirement plan.
So if you intend to top up your superannuation by making Personal Tax Deductable contributions (PDC) up to the maximum concessional contribution cap of $27,500, we have prepared this with important information and things to consider:
As always we are here to assist you and if you have questions, please don’t hesitate to contact us.
Determine your PDC amount
(1) The concessional contribution cap for this FY is $27,500.
(2) You must determine the amount of the cap you have left to contribute.
(3) You will need to consider;
- ALL your employer contributions paid for this FY to date (beware if there are more than 1 employers or super policies).
- Any contribution made later i.e. between the time of calculation and 30 June.
(4) To assist you there are a number of places you can check your YTD contributions:
- payslip
- myGov account
- super account — online or by calling us to review
Employers only have to transfer super into your super account once a quarter (every three months) but some choose to pay more often and many pay June (or the June quarter) early before June 30 to get a tax deduction.
Next steps
1. Make the contribution.
- Retail/Managed Super – To ensure your contributions are received and cleared in time, we suggest you make contributions PRIOR TO 20TH JUNE
- SMSF – Deposit cleared (before June 30) funds into your SMSF bank account
2. To claim a personal tax deduction you need to provide your superannuation fund with a Notice of Intent (to claim a tax deduction) before you lodge your income tax return, and before certain other events occur. We can assist you to ensure the appropriate documentation has been lodged.
As mentioned above, if you have any questions or would like further guidance, feel free to give us a call.
Adrian and the Growth Corp Advisory team
