As we race towards the end of another financial year, it’s important to take some time to think about how well you have looked after your superannuation savings. This year is especially important as, from July 1 2017, new super rules that will be in force.

It is not too late to take advantage of some opportunities for tax concessions in this financial year and get ready for a new set of rules from July 1 2017. Here are some of the opportunities you may want to consider.

If you have income less than $51,021pa

If you put $1,000 into your super fund, the government may also add up to $500 as a co-contribution. This is a simple way to increase your savings. But you need to make your contribution before the end of the financial year and eligibility rules will also apply.

If your spouse has income less than $13,800pa

If your spouse does not work full-time and has not had the opportunity to accumulate much in super, you have an opportunity to boost their super by making contributions, and you could save tax as well.

If your spouse’s income is less than $10,800 you can claim an 18% tax offset on the first $3,000 of contributions that you make to his or her account. A smaller offset is available if your spouse’s income is over $10,800 and no offset is allowed once his or her income reaches $13,800.

The opportunity to gain a tax offset for spouse contributions may increase from July 1 2017 with higher income thresholds set to apply from July 1 2017.

If you are an employee

Generally, your employer will add 9.5% of your salary into your super account. Many employers will agree to add more if you ask them to reduce the cash salary you receive and pay the extra as an additional employer contribution to your super account – this is called salary sacrifice. This has the benefit of reducing the tax you pay so that you can add more money to your savings and help your super grow faster.

If you are self-employed

Consider if you could benefit from making a personal contribution to super and claiming a tax deduction to offset taxable income or capital gains.

For everyone

Consider pre-paying deductible expenses such as income protection insurance premiums or interest on investment loans to increase your tax deductions and reduce tax payable this year.

If you would like to discuss if these strategies suit your needs and objectives please contact me, Brett Surman, on (08) 6169 0506 or brett@demeterwealth.com

Please note that this article does not take into account your personal objectives or needs.