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Whether you’re one of the millions of people who’ve already submitted their tax return to the Australian Taxation Office (ATO) or you prefer to wait until the initial rush dies down, this can be a good time to cast an eye over your broader financial situation and make sure your super is set up for the new financial year.

Here are a couple of things you can do to set yourself up for 2022/23:

Check your contributions

Now is the perfect time to think about your contributions for the financial year and speak to a Super Adviser to determine whether you’re in the position to maximise either your concessional or non-concessional contributions.

Concessional contributions

The concessional (before-tax) contributions cap is $27,500 for the 2022/23 financial year.

Contributions from your employer, along with any before-tax contributions you make (such as salary sacrifice contributions, or contributions for which you claim a notice of intent), count towards this cap.

You can see both how much you and your employer contributed to your Qantas Super account in the previous financial year, and how much has been contributed so far since 1 July.  Once you’ve done this, you can then broadly forecast how much you and your employer will contribute by the end of the year, and how much space you may have remaining under the cap by 30 June 2023.

A Super Adviser can help you calculate these figures and determine whether making any extra voluntary contributions is right for your situation.

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.

Carry forward contributions

While the current annual cap for concessional contributions is $27,500 in the 2022/23 financial year, a special rule called the ‘carry forward’ rule can help you maximise this. It works by allowing you to make the most of any unused amounts under the cap from previous financial years.

If your total superannuation balance is below $500,000 as of the previous 30 June, and you fit the eligibility criteria, you can carry forward unused amounts over a rolling five year period, with unused amounts from the 2018/19 financial year the first you can carry forward.

Non-concessional contributions

The non-concessional (after-tax) contributions cap is $110,000 for the 2022/23 financial year.

There are a couple of ways to make non-concessional contributions.

For example, you can choose to make either a one-off payment or set up regular contributions via Payroll; this is similar to the process of setting up salary sacrifice contributions from your before-tax salary, however you’ll need to select the option to have the contributions made from your post-tax salary.

Alternatively, non-concessional contributions can also be made via BPAY – all you have to do is log into your Qantas Super account and click the ‘Personal details’ tab to find the biller code and reference number to make a contribution.

You may want to consider:

Claiming a tax deduction

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. Please note that your notice of intent must be signed by hand – it cannot be signed digitally.

Depending on your marginal tax rate and income, claiming a tax deduction for personal super contributions could give you an advantage at tax time.

Triggering the bring forward rule

If you have a significant amount of money that you’d like to contribute to your super account in one go, the government has introduced a mechanism called the bring forward rule.

As at 1 July 2022, the bring forward rule allows eligible members under the age of 75 to make up to three years’ worth of non-concessional contributions in one year. Other eligibility criteria apply.

As the annual cap for non-concessional, or after-tax, contributions is currently $110,000, this means you could bring forward your cap from the 2022/23 and 2023/24 financial years to contribute up to $330,000 in one financial year.

Take advantage of the government co-contribution

Those earning up to the upper threshold of $57,016 in the 2022/23 financial year may be eligible to take advantage of the government’s co-contribution scheme, which aims to encourage people to contribute extra to their super.

Members whose income is equal to or less than the lower threshold of $42,016 in the 2022/23 financial year will receive a matched contribution from the government of 50 cents for each after-tax dollar they contribute to their super account, up to $500.

The maximum entitlement reduces progressively the closer your income is to the upper threshold.

You don’t have to do anything to receive the co-contribution – the ATO will calculate and deposit your co-contribution into your super account after you file your tax return.  However, if you have more than one account, you may need to nominate which account you would like the co-contribution paid to make sure it goes into the right account.

First home buyer? Learn about the First Home Super Saver Scheme

Saving up for a deposit? The First Home Super Saver (FHSS) Scheme was introduced in 2017 to help more Australians buy their first home.

If you are a first home buyer and both the following apply to you, you may be eligible to participate in the FHSS scheme:

  • You either live in the premises you’re buying or intend to as soon as practicable; and
  • You intend to live in the property for at least six months within the first 12 months you own it, after it’s practical to move in.

Under the FHSS scheme, you can apply to have a maximum of $15,000 of your voluntary contributions from any one financial year included in your eligible contributions to be released under the FHSS scheme, up to a total of $50,000 contributions across all years. You’ll also receive the earnings that relate to those contributions.

There are a number of important things to know about the FHSS – learn more.

Conduct a super search

With our minds on how much money we’re getting back from (or perhaps owe) the ATO, now is a good opportunity to consider conducting a search for any lost super that may be sitting around in another fund or with the ATO.

There were just over six million lost and ATO-held accounts at 30 June 2020. Having more than one super account could mean paying multiple sets of fees, extra paperwork and greater difficulty in keeping track of your super.

You can conduct a search for any lost super by logging into your Qantas Super account and clicking ‘Find My Super’.

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The taxation position described is a general statement and should only be used as a guide. It has not been prepared by a registered tax agent and it does not constitute tax advice. It is based on current tax laws and our interpretation.  If you seek super advice, any taxation position described is incidental to the advice being provided. You should consult a registered tax agent for specific tax advice about any liabilities, obligations or claim entitlements that arise, or could arise, under a taxation law.

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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.

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