How do I get a super tax deduction before June - the steps to ensure you lower your tax this year!

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired live on Friday 31 May 2024. With the end of financial year just around the corner, this weeks topic looks at ‘How to maximise your tax deduction from an EOFY super contribution’. Thank you for joining us live on 2CC or your favourite podcast streaming service.
Key topics covered include:
- How do I know how much super has been contributed this year?
- Is there any more contributions coming in before the end of the financial year?
- How much ‘space’ do you have, you can ‘top up’ that space
- You can contribute up to your contribution limit - $27,500 this year
- How do the concessional catch-up rules work - can you use your space from previous years?
- Should I use all my catch-up space if I have it in one year?
- How do I notify my super fund of my intention to claim a tax deduction?
- Don’t forget to give the confirmation you get from your superfund to your accountant at tax time.
- Luke shares his top tips around super. tax and end if financial year planning.
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals, including investment, super and retirement. Make an appointment to confidentially discuss your goals. Call Envision Financial Services on 6260 4749. You can use the contact us form to make an appointment, for a confidential discussion about your situation.
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[@JimboJones-qn4wd]

10:40 - Don't most Super funds have the forms online when you log in to your own super account? So even though you can download and complete the forms from the ATO's website and then lodge with your super fund, in most cases, you can probably do everything from within your own super account once you have logged in.

[@thestrategystacker]

Yes for sure every fund is different, some take an NOI others will do it for you online or within an app. You just have to do what works for your particular fund. i guess the the important thing is not to assume you can or can't do something

[@silversun119]

Glad I stumbled across this channel. So many good videos to watch back.
I have a question about the Notice of Intent form. If you are wanting to utilise unused contributions from multiple years, do you need to submit multiple forms, or will the one form cover it and the ATO will work out what you have left and where to take it from?
I am wanting to make a contribution and have a large amount of unused concessional cap available once I go back 5 years. My contribution will encompass the remainders from the 23/24 cap and the 18/19 year. Do I need to send in two forms?

[@thestrategystacker]

Make your contribution lodge a single form after the money goes in and the ato match up your space to the amount you add. They use up oldest space first.

[@silversun119]

@@thestrategystacker Great thank you. I thought so but wanted to check

[@relaxfun4447]

which super fund is the best and has the lowest fees that gets you to trade in EFTs? Is Vanguard Super the best for this since Vanguard Australia has the lowest fees on personal investor? thanks

[@thestrategystacker]

i dont know off the top of my head as it would be a fund by fund issue. Most industry funds have a direct option, Vanguard is also another good offering given the quality of their products. Some times price is less important that approved product options as vanguard only offer vanguard and you may want something else. If you have a large capital sum an SMSF would be cheaper than an industry fund by comparision. You may just need to shop around and see what works cost and options wise.

[@swolath]

If you have 50 k in space and you put in 30k, will that go to your 2019 space and work up or will it go into last year and miss out on the 2019 amount for next year?
Thank you..

[@thestrategystacker]

they genrally apply contributions over this years limit to the oldest space first

[@thestrategystacker]

They use oldest space first yes.