The clock is ticking for people who want to take advantage of the more generous tax concessions available in super this financial year. As of July 1, new rules come into effect that will reduce contribution limits.
For high income earners, the new super contribution caps are especially important. Individuals who earn $300,000 or more currently pay a tax rate of 30 per cent on their super contributions, instead of the 15 per cent everyone else pays. But from July 1, the higher tax rate will apply to incomes of $250,000 or more.
If you expect to earn between $250,000 and $300,000 next financial year, you may want to make the most of your allowable concessional contributions before June 30.
Watch the video above to learn more about your options, and what you can do to help minimise your tax obligations.
