While many of us are focused on getting our tax returns ready as soon as 30 June hits, it’s important to use the time leading up the end of the financial year wisely, particularly when it comes to your super.
Here are a few things to know:
There are two different types of contributions that can be made to your super:
Qantas Super has specific rules about concessional contributions depending on your division. We’ve created a fact sheet on contributing to super for your division that explains these rules.
Depending on your situation and whether you fit the various eligibility criteria, you may be able to maximise your yearly caps in different ways.
Not sure how much space you have available? You can check how much you may be able to contribute across the carry forward and bring forward rules by logging into your ATO account via myGov.
It’s been a long year, so if you can’t remember exactly how much you’ve already contributed, don’t worry, we’ve got you. You can check how much you (and your employer) have contributed to your Qantas Super account by logging into your account, or giving us a call on 1300 362 967.
Just remember that we can only check how much has been contributed to your Qantas Super account, so if you have an account with another fund, we won’t be able to factor any contributions you made to that fund. All the contributions made across your accounts will count towards your contribution caps for the financial year.
You can check your totals across all accounts by logging into your ATO account via myGov.
If you are looking to make a BPAY contribution before the end of financial year, your payment must be received and cleared by 6pm 25 June AEST to guarantee that it will be counted as part of this financial year.
Please consider bank processing times when making your payment.
If you fit the eligibility criteria, you may be able to claim a tax deduction for personal super contributions that you make from your after-tax income. To do so, you must give Qantas Super a notice of intent, and you must receive an acknowledgement in return before completing your tax return for the year.
This process effectively converts the post-tax personal contributions you make via BPAY in the financial year to pre-tax, or concessional, personal contributions.
It’s important to remember that super is subject to preservation, which means the contributions you make will be put away until you hit preservation age and are then able to access your funds.
A Super Adviser can help you determine whether voluntary contributions are right for you.
As we wait for 30 June, we’ve also got an eye on what’s coming up once the new financial year starts on 1 July.
There are a number of big changes coming in 2024/25:
If you want to learn more or need help with making a decision about your super, you can get simple advice over the phone or face to face. It’s included as a part of your membership so there’s no extra cost.
