Are you over 60 but not maximising your allowable $25,000 annual super concessional amount?
Did you realise that if you are between 60 and 64 and still working, you are able to access up to 10% of your super balance, and re-contribute it back to Super to claim a tax deduction.
This can apply whether you are an employee or self employed.
Note the re-contribution must fall within the Concessional cap of $25000 per person including Employer contributions and any salary sacrificed or other amounts. There will also be tax in the Super Fund of 15% on the re-contribution, but no tax payable when withdrawn.
Be sure to check out if there are other ways in which you, personally, can boost your super effectively.
As always, if you need further information please contact us either by phone or email, we are here to help.
