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.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s