$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
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Stay Safe & Happy Investing,
EK Financial Group