Employees are the winners thanks to new rules for tax-deductible contributions
Let’s kick off the new year with some good news. Recent rule changes to super make the system fairer, more flexible and easier to understand for employees wishing to make tax-deductible contributions.
First, they can now contribute directly to their fund and claim a tax deduction for doing so. Second, a rort that allows employers to minimise their 9.5% super guarantee (SG) obligation faces the chop. This is long overdue. But more on that later.
Previously, if you wanted to maximise your concessional contributions, capped at $25,000 this financial year, you needed to make salary sacrifice arrangements with your employer. However, not all employers facilitate it, so while it was good for some, others missed out. Such arrangements are no longer necessary. Control is now in employees’ hands. Since July 2017 an employee can make a personal tax-deductible contribution to super and claim a deduction. But they need to stay within the $25,000 limit, which includes the SG.
Bu hikaye Money Magazine Australia dergisinin February 2018 sayısından alınmıştır.
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Bu hikaye Money Magazine Australia dergisinin February 2018 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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