As the new financial year begins, we focused this segment on a few critical superannuation updates and contribution checks that listeners shouldn’t overlook.
Here’s what we covered:
-
12% Employer Super Guarantee is now in effect
From 1 July, the Superannuation Guarantee (SGC) increased to 12%. We encouraged listeners to check their payslip to ensure their employer is contributing the correct new rate. -
Concessional contribution cap has increased to $30,000
For those making salary sacrifice or personal contributions, we discussed the importance of reviewing your contributions to ensure you don’t exceed the new $30,000 cap, which could result in extra tax. -
Don’t forget to claim last year’s contributions
If you made personal super contributions in the previous financial year and intend to claim a tax deduction, you must lodge a Notice of Intent to Claim with your super fund. We reminded listeners that if this isn’t submitted correctly and on time, you could lose the tax deduction entirely.
We wrapped up by highlighting that the start of a financial year is the perfect time to review your super strategy, check your contributions, and speak to your adviser to ensure everything is on track.
🎙️ Tune in to our latest segment to learn more about upcoming super changes
