Tax Tip – Can You Claim $75,000 This Financial Year?

$75,000 tax deduction for 2021!

I helped a client obtain a $75,000 tax deduction for this financial year just by making a contribution to super.

Since 1st July 2018, if you have not used up your concessional contribution cap of $25,000 per annum, then you have the opportunity to make up for these “unused” concessional contributions. You can make a personal contribution to super for the amount that is “unused” and then claim this as a personal tax deduction.

If you have a big tax bill coming for the 2021 financial year then this might be for you. The contribution needs to be in your super account before 30th June and your total super balance as of 30th June the previous financial year must be less than $500,000 to qualify.

The unused cap amounts are available for a maximum of five years and will expire after this. For example, a 2018–19 unused cap amount which is not used by the end of 2023–24 will expire.

Watch for more details and always get advice based on your individual circumstances.

 

Direct video link: https://youtu.be/HwVqi0cp4Mk

General Advice Warning: This message/video contains general information only. It does not take into account your objectives, financial situation or needs. Please consider the appropriateness of the information in light of your personal circumstances and seek personal advice prior to acting on this information.

 

Stay Safe & Happy Investing,

 

Aaron Kane

Managing Director

EK Financial Group

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