Generally, the Superannuation Guarantee payments of 10.50% is helping working Australians to build their financial future. There are also other ways you could get more out of super, such as by taking advantage of super limits to make additional contributions:
- Before tax – You can contribute up to $27,500 (including any Superannuation Guarantee) from your before tax salary this financial year. These contributions are taxed at 15%, which may be lower than your marginal tax rate. There are recent legislative changes that allow the use of catch-up concessional contributions if you have not reached previous years limits – please seek advice if you would like further information.
- After tax – You can contribute up to $110,000 this financial year. You may also be able to bring forward future after tax contributions, rolling up to three years’ contributions into one contribution of up to $330,000. Earnings on your super are taxed at 15%, which may be lower than your marginal tax rate which applies to investment earnings outside super.
Key cut off dates for contributions per super fund.
|Super Fund||Direct Debit & Direct Credit||BPAY & Electronic Funds Transfer (EFT)||CHEQUE|
|BT Panorama||They must receive the payment by 5pm Friday 30 June 2023. They recommend submitting by Tuesday 27 June 2023 before 5pm.||They must receive the payment by 5pm Friday 30 June 2023. They recommend submitting by Tuesday 27 June 2023 before 5pm.||Friday 30 June 2023|
|Netwealth||Friday 30 June 2023, 12 midday (AEST).||Thursday 29 June 2023, 5:00pm||Thursday 29 June 2023, 5:00pm|
|Praemium||Friday 23rd June 2023, 2:00pm||Monday 26th June 2023, 5:00pm||Friday 23rd June 2023, 2:00pm|
|MLC Masterkey||Friday 3pm, 23 June 2023.||Please allow 3-5 business days prior to Friday 30 June 2023 for BPAY or EFT payments to reach MLC. Friday 3pm, 30 June for BPAY.||Cut off for all cheque contributions is Thursday 3pm, 29 June 2023.|
|MLC Wrap & Navigator||2pm Monday 26 June 2023.||For BPAY 5pm, Thursday 29 June 2023.||Cut off for all cheque contributions is 5pm, 29 June 2023.|
|Colonial First State (CFS)||27 June 2023 by 3pm AEST||27 June 2023 by 3pm AEST||27 June 2023 by 3pm AEST|
Want to find out more?
If you would like to find out more and take advantage of additional contributions before the end of this financial year, either by phone (08) 8561 2400 or email email@example.com