Its Tax Time

SAVING TAX WITH SUPER
An employer can only claim a deduction for superannuation contributions made for the benefit of an eligible employee to the extent that the contributions have actually been paid into a complying Superannuation Fund by 30 June.

Paying super before 30 June is a great way for a business to reduce their taxable income, and can help save tax of 30% for every dollar contributed before the end of financial year.

Individuals and sole traders are also eligible to claim a deduction for personal super contributions, provided less than 10% of their taxable income and reportable fringe benefits are derived from salary and wages.

There is no limit to the amount of contributions that may be claimed as a tax deduction; however the ATO imposes an annual contributions cap of $25,000, or $50,000 for a person aged over 50.

Any contributions that exceed these cap limits will be taxed at 31.5% in the hands of the individual, in addition to being taxed at 15% within the Super Fund.

For further advice with regards to Superannuation and other ways to reduce tax, please contact TCC Accounting Services

TCC Accounting Services
4/41 Wason Street Milton 2538
Ph: 02 4455 1338 Email

South East Access for all kinds of tax returns
The team at South East Access has extensive experience in accounting, personal and business tax, financial management, payroll services and bookkeeping.

We are committed to the proactive delivery of a full range of personal and business management services to help our valued clients reach their full financial potential.

Upstairs Harbourside Complex
84 Princes Highway, Ulladulla, 2539
Phone: (02) 4454 4444
Office hours are 8:30 am to 5:30 pm