Looking for a Tax Deduction before 30 June 2018?
If you are looking for a Tax Deduction before 30 June 2018, have you considered the new budget changes to superannuation?
The change allows employees to make a tax deductible (concessional) contribution to superannuation. Previously, this was done by salary sacrificing.
The cap for tax-deductible contributions is $25,000 per year and includes employers’ compulsory super payments. That means the max contribution you can make is $25,000 less the employers’ contribution.
Another change is the $540 tax offset for spouse contributions. Previously, the spouse had to earn below $10,800 to qualify for the benefit, but the new limit is $37,000.
Also remember the $500 co-contribution for people earning below $36,813 who make after-tax payments of $1,000 to their super still applies.
This is general advice so if you want to talk about your specific circumstances please contact John directly.