Following a consultation with a client last week, I realised that most of my clients do not know about this ‘loophole’.
If your super is under 500k, you can make up to 5 years of carry forward, tax deductible contributions via super to reduce your income tax. The 2019-2020 limits are expiring in June this year.
Maxing out the $25k cap for FY2018 could increase your tax refund by $7.5k. If you do this, don’t forget to lodge an intent to claim form with your superfund.
You can take full advantage of this tip without scheduling a consultation. If you choose to DIY, I recommend reading the ATO’s website to understand if this strategy is right for you.
If you would like my help understanding how super can maximise your tax refund this year, just book a free meet and greet session.
About The Author: Artur Osadchiy
Artur is a Certified Practising Accountant with over 30 years’ experience working as a trusted advisor to 600+ clients across Australia. Based in Melbourne, he started Tax Window with his wife Marina in 2009 and leads the firm’s tax and accounting team. In his free time, Artur enjoys watching the AFL (go Kangas!) and spending time with family.
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