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Michael Hutton

How to claim a $157,000 tax deduction while turbocharging super

Everybody who can make extra concessional contributions of this magnitude should seriously consider doing so.

Not so long ago, superannuation contributions were very much a ‘use it or lose it’ opportunity. Anyone who didn’t make annual contributions up to their super cap limits couldn’t then make them up in subsequent years.

Fortunately, a few recent changes have meant there are now a few more avenues to help people boost their super. One such change is the opportunity to roll unused contribution limits into subsequent years.

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Michael Hutton is wealth management partner at HLB Mann Judd Sydney.

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    Original URL: https://www.afr.com/wealth/personal-finance/how-to-claim-a-157-000-tax-deduction-while-turbocharging-super-20240516-p5jeb3