Maximise Your Super and Slash Your Tax Bill: The Power of Prepaying Contributions
Imagine waking up on 1 July 2024 knowing you’ve slashed your tax bill and supercharged your superannuation. For those of you who have already had their end of year tax planning meeting, we have already looked at the benefit of you doing just that, prepaying super! Sounds too good to be true, RIGHT? But it isn’t! Thanks to the Commissioner of Taxation’s guidance, businesses and taxpayers can now prepay deductible and after-tax contributions into superannuation funds without facing penalties. This strategy not only reduces tax liabilities but also maximises the funds invested in a low-tax environment. Let’s break it …
