Tax & Super Tips 30th June 2017

Before 30th June 2017 there are some tips for

superannuation tax saving or super co contribution:


People who might be interested are: low income earners, people who are not far from retire, or business owners who would like to reduce taxable income; or people who would like fast track to accumulate super.

  • Government co-contribution: for personal super contribution made, government will co contribute if you meet: 1)10 % test; 2) less than 71 years old at the end of FY; 3) earning income between $36,021.0-0 and $51,021.00. Maximum contribution from government is $500.00, and minimum $20.00
  • Personal super contribution deductions: Criteria for this personal contribution are: 1)10% max earning condition still apply 2016/17 (but will be removed from 2017/18);2) not contribution to Commonwealth public sector super, or not CPF or other untaxed fund. However, you can contribute into other than those funds so be eligible for personal deduction;3) less than 75 year older or 65-74 but work; 4) not exceeding annual concessional super cap; 4) notify fund your intent, and get acknowledge from the funds
  • CAP for 2016/17: $35,000.00 for 49 and old, and $30,000.00 for everyone else. So you can sacrifice if you are an employee, or tax deduction if you are business owner to make use this threshold
  • Tax offset for Spouse contribution: if spouse earning less than $13,800.00, you are entitled to up to $540.00 tax offset.

Please note, if you are interested in any one of those options above, please contact us to check your individual eligibility and detailed procedures how to approach it.