Now is perfect time to get one more pre-tax contribution in for the 2015/16 financial year.
How much more can you contribute this financial year?
Take a look at your payslip for your employer and see how much has already been contributed by your employer as a result of their compulsory super guarantee payments and from any salary sacrifice payments you have elected to make. Work out how much is expected to be contributed this month and then subtract the total contributions from the current cap of $30,000 for under 50's or $35,000 for over 50's. The difference is how much you can do as an extra contribution.
How do I arrange an extra pre-tax payment?
Talk to your payroll person at your employer to understand the process for requesting a once-off extra pre-tax payment. Make sure your employer will pay it to your super fund before June 30 - it needs to be received by the super fund on or before that date. Any payments received after June 30 will count towards next year's cap.
Also be sure not to exceed the cap - the tax office will impose greater tax on excess funds.
This advice is general advice. Contact us if you would like some specific tailored help from a financial professional. Be sure to like this post or share it with friends and family if you find it useful.