As we approach the end of the financial year, now is the ideal time to review whether making additional contributions to your superannuation may benefit your overall financial position.
Each year, many people intend to make a contribution before June 30 but leave it until the final days of the financial year. Unfortunately, contribution processing times can vary between banks, clearing houses and super funds, meaning a contribution made at the last minute may not be received by your fund in time to count towards this financial year.
How you may benefit
Depending on your circumstances, making additional super contributions before June 30 may:
- Increase your retirement savings in a tax-effective environment
- Reduce your taxable income through concessional contributions
- Utilise any available carry-forward contribution opportunities
- Assist with spouse contribution or contribution splitting strategies
- Help maximise your annual contribution caps before they reset for the new financial year
Important Every individual’s situation is different and contribution limits apply. What may be appropriate for one person may not be appropriate for another.
Act now
If you have been considering making additional contributions this financial year, we encourage you to contact our office as soon as possible. This will allow sufficient time to review your circumstances, confirm any available contribution opportunities and ensure any contributions are processed before the relevant deadlines.
With only a few weeks remaining until June 30, now is the time to act rather than risk missing out due to processing delays.
Ready to discuss your options?
Please contact us if you would like to discuss your EOFY contribution options.
This communication is general in nature and does not constitute personal financial advice. Please consider your individual circumstances and seek professional advice before acting on any information contained herein.
