End of Financial Year Strategies – 2019/20
The period ahead of 30 June is an opportunity to take advantage of strategies to boost superannuation and minimise tax. Below is a quick reference guide to some opportunities to consider with more detail in the PDF below– as always please call our office for further information.
The information in the attached PDF is divided into sections:
The information in the attached PDF is divided into sections:
Section |
Relevant to |
Relevant Strategies |
A |
Employees/self-employed/those earning taxable income who want to pay less tax |
1,2,3 |
B |
Those seeking to boost their superannuation |
1,2,4,5,6,7,8 |
C |
Those wanting to boost their spouse’s superannuation tax effectively |
5,6 |
D |
Those seeking a superannuation top up from the government |
7,9 |
Key issues to be mindful of:
- The tax rate in superannuation is a flat 15%. Pre-tax contributions to superannuation are also taxed at 15%.
- There are caps (pre-tax and post-tax) on the amount that can be contributed to superannuation each financial year.
- Funds contributed to superannuation can’t be accessed until you reach your preservation age and meet a condition of release.
- Any superannuation contributions must be received by your fund before 30 June 2020 to count as a contribution this financial year.
- Different strategies from prior years may apply in 2019/20 if your taxable income has been impacted by COVID-19.
- JobKeeper and JobSeeker benefits are considered taxable income. (Refer to articles and news for more information on Jobkeeper and Job Seeker)
| key_eofy_strategies__2019-20_.pdf |