It is not too late to save on tax and boost retirement savings, but only if you act quickly.
The financial year comes to an end in a matter of days, and if you’re the sort of person to leave your tax affairs to the last minute, don’t worry. There are still plenty of ways to reduce your tax and boost your super that are easy to do before July 1.Credit:You are entitled to certain deductions for costs incurred in earning income and for costs arising from working from home.
When you use the bag or case for both private and work purposes, you need to apportion your deduction, Chapman says.Superannuation is another area where last-minute contributions can help to build retirement savings. “If your child or grandchild is starting out in their career or working part-time, they may be earning equal to or under the income threshold,” says Derek Gascoigne, a financial adviser with UniSuper.
For those in the two higher tax brackets, the tax benefits are even more significant, he says. Those intending to make a concessional contribution to their super fund need to check that that will not exceed the $27,500 limit during 2023-24, which includes voluntary concessional contributions as well as compulsory super.
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