• FWX March qtr  -1.6% (72.2pts)
  • FWX y-o-y change  0.9% (72.2pts)
  • Total timeframe to Gender Equality  59
  • Timeframe to Equality on Employment  28 years
  • Timeframe to Equality on Underemployment  15.5 years
  • Timeframe to Equality on Gender Pay Gap  22 years
  • Timeframe to Equality on Unpaid Work  59 years
  • Timeframe to Equality for Women On Boards  6.5 years
  • Timeframe to Equality on Superannuation  19 years
  • Gender Pay Gap 2021  13.9%
  • Gender Pay Gap sub-index 2021  (86pts)
  • Employment sub-index 2021  1.2pts (72pts)
  • Superannuation sub-index  5.4pts (74.6pts)
  • Gender Gap Superannuation  25%
  • Underemployment Rate sub-index  -8.1pts (74.6pts)
  • Education sub-index  92pts
  • ASX 200 Women On Boards sub-index  69pts
  • ASX 200 Women On Boards  34.5%
  • Unpaid Work sub-index  67pts

Superannuation boosters before June 30

superannuation booster
Cathryn Gross
April 10, 2017

It might feel like we just rung in the New Year, but months have flown and it’s time to talk superannuation boosters before June 30.

The key question is whether you could be making extra tax savings by contributing a little bit more to your super.

This is particularly important because the government has recently made a number of policy changes to superannuation rules.

Among them is a reduction in the amount of concessional before tax contributions you can make to super from the July 1.

The new amount is $25,000, down from$30,000 for those under-50 years of age and $35,000 if you are over 50 years.

There is also a one-time opportunity for total contributions of up to $575,000 to be made before June 30 for some people.

So, if you are looking to grow your super balances, and have some spare cash flow, you’re best to contribute as much as you can this year.

For clarity, concessional contributions, which are before tax, means that the only tax you pay on them are the tax you pay inside super, which is 15 per cent.

They include your employer’s compulsory contributions, additional employer contributions and any salary sacrifice contributions that you arrange for your employer to deduct from your before tax salary.

If you’re self-employed, or you receive less than 10 per cent of your income from an employer, or you’re not employed and live off investment income, then you can still make contributions that you claim as a tax deduction in your individual tax return.

These are called personal contributions. When you make a personal contribution to your super fund you must lodge a notice of intention to claim a tax deduction with your super fund for it to be tax deductible.

One word of warning though, with the concessional cap reducing to $25,000 per annum, the reduction may affect current salary sacrifice arrangements.

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Cathryn Gross
April 10, 2017
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