Don't forget you can add up to $25,000 concessional (before tax) contributions1 to your super this financial year to save on tax and enjoy more in the future.
The $25,000 cap covers any concessional contributions you paid into your FirstChoice or any other super fund and includes:
- The 9.5% super paid by your employer
- Any salary sacrifice contributions you make
- Any personal contributions (that you claim a tax deduction for)
Making this financial year count towards your future
Because these contributions are taxed at a maximum of 15% (instead of the marginal rate of up to 47%)2, not only could you enjoy a tax deduction this financial year, but you'll be giving your super savings a boost.
Even a small amount can make a big difference, so if you have any extra money to add to your super, why not top up today? You'll thank yourself later.
How to top up in time
For your contributions to be included this financial year, it needs to be received by 3pm Friday 28 June. Please allow three days for your bank to process your payment3.
1 Note: any contributions you make over the cap will be taxed at your marginal tax rate.
2 Including applicable levies.
3 Electronic payments must be made via the internet and cannot be completed over the counter at a bank branch.
Colonial First State Investments Limited ABN 98 002 348 352, AFS Licence 232468 (Colonial First State) is the issuer of interests in FirstChoice Personal Super, FirstChoice Wholesale Personal Super, FirstChoice Pension, FirstChoice Wholesale Pension, FirstChoice Employer Super offered from the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557. It also issues interests in the Rollover & Superannuation Fund (ROSCO) and Personal Pension Plan (PPP) offered from the Colonial First State Rollover & Superannuation Fund ABN 88 854 638 840.. This document may include general advice but does not take into account your individual objectives, financial situation or needs. You should read the relevant Product Disclosure Statement (PDS) carefully and assess whether the information is appropriate for you and consider talking to a financial adviser before making an investment decision. A PDS for Colonial First State’s products is available at colonialfirststate.com.au http://colonialfirststate.com.au or by calling us on 13 13 36.
Taxation considerations are general and based on present taxation laws and may be subject to change. You should seek independent, professional tax advice before making any decision based on this information. Colonial First State is also not a registered tax (financial) adviser under the Tax Agent Services Act 2009 and you should seek tax advice from a registered tax agent or a registered tax (Financial) adviser if you intend to rely on this information to satisfy the liabilities or obligations to claim entitlements that arise, or could arise, under a taxation law.