#EveryoneNeedsaPlan: 2024 End of Financial Year Super Contributions

The end of the 2024 Financial Year is fast approaching and if you want to make contributions to your super, you need to make sure you have a strategy, and the contributions are finalised prior to 30 June 2024.

• There are restrictions related to superannuation contributions.
• Exceeding superannuation contribution limits may have significant tax implications.
• In addition to your Employer SG Contributions, you may be eligible for contributing personally to your superannuation and boost your retirement savings.
• The two main personal superannuation contributions are: Concessional and Non-Concessional.
• In 2024 FY, the maximum contributions are: Concessional – $27,500 per person (Tax Deductible) and Non-Concessional $110,000 per Person (Not Tax Deductible).
• There are various strategies of how to maximise contributions to superannuation, but they may be complex and it is recommended that you seek advice from a qualified professional before making any contributions to your super.

If you need help with your superannuation contributions for the 2024 Financial Year, please don’t hesitate to contact us and discuss your requirements in further detail.