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 There will also be tax in the Super Fund of 15% on the re-contribution, but no tax payable when withdrawn.
Please contact us for further information.