SUPER CONTRIBUTIONS & FIRST HOME BUYERS
From 1 July 2017, if you cannot “salary sacrifice” (which provides an immediate tax saving) you can still contribute up to $25,000 p.a into your super fund and all such contributions will be tax deductible. The $25,000 includes any amount your employer pays into your super fund.
Generally, if you are aged 18-65, you have a complying super fund and you notify the fund, using their form, that you intend to claim your contributions as a tax deduction for e.g. the year ended 30 June 2018, those contributions are claimable on your 2018 tax return.
For more information, or if you have questions, call us. There are some exceptions.
The First Home Super Saver Scheme
Announced in the May 2017 budget, you (and your partner) can put to $15,000 p.a. into your super fund in a year and up to $30,000 max. Your contribution, up to $25,000, is tax deductible. It can be voluntary or salary sacrificed.
If you wish to use these new rules, talk to us or to your super fund or a super expert. It is all a little complex but can be very useful for e.g. a couple saving for a first home deposit – they could withdraw up to (a combined) $60,000 from their super funds.
Note: this is only for first home buyers.