As restrictions continue to ease, it almost feels safe to look ahead and think about retirement saving again. And, of course, the looming deadline on this front is June 30.
As always, there are contribution opportunities for some. It is vital to lodge the necessary paperwork.
Anyone still able to make super contributions who also has a high taxable income should ensure they have made full use of the $25,000 limit on “concessional contributions” for financial year 2020.
Concessional contributions are normally thought of as salary-sacrifice and superannuation guarantee contributions. They are called “concessional” because if an employer pays this money as superannuation rather than salary, there is less tax taken out – superannuation funds pay tax at lower (concessional) rates than these individuals pay on their salary.
But in fact any of us can make concessional contributions.