https://padlet.com/rosse912003/6c71wyxbgo2g Comments about recent events. en-us 2018-04-25 04:31:44 UTC 2025-09-25 06:34:07 UTC hello@padlet.com https://padlet-uploads.storage.googleapis.com/278027887/42c8c358174489b4040f7ba123d3eedd/triangle_icon.png rosse912003 https://padlet.com/rosse912003/6c71wyxbgo2g/wish/255093852 This year is a little different to many others, in that this year employees who are receiving SGC payments from their employers are able to make additional contributions to their super funds and claim a tax deduction for the contribution.
Be careful though, there is a limit to the total of tax deductible contributions which is $25,000 for the year.  You do not want to go over this limit as the ATO don't see the funny side of over contributions.
But if this is something that suits you, then make sure you make your contributions early and well before the 30th June.  Remember, the contributions is counted by the date the money is deposited into your super account and not the date that you write the cheque.  So if the fund is bogged down with transactions on the 29th and 30th June, your contribution may not get processed in time and your contributions will not count for this financial year. ]]> 2018-04-25 04:43:00 UTC https://padlet.com/rosse912003/6c71wyxbgo2g/wish/255093852 rosse912003 https://padlet.com/rosse912003/6c71wyxbgo2g/wish/280696095 For a long while now if the average wage earner wanted a tax deduction there were precious few options available.  Basically if you were a "supported" person, it meant that you were receiving Superannuation payments from your employer and that employer was receiving a tax deduction from the government.  The government was not willing to offer you any tax deductions as well.  So the only option was to "sacrifice" your salary and direct that sacrifice to your super fund and then you would only pay tax on your reduced salary.  Of course, there were regulations and conditions attached.
Things changed however in the 2017 - 2018 financial year and for the first time in a very long time, wage earners were allowed to make contributions to their super funds and claim that contribution as a tax deduction. 
When you attach a tax deduction to your super contribution, it is called a "concessional" contribution and has a top limit or "cap" of $25,000 per person per year.  This includes any money your employer gives you as part of the SGC (currently 9.5%).  Don't go over the cap --- there are penalties.
What this does mean though is that you do not need to involve your employer with your tax deduction strategies any longer.  You can take your normal salary and pay money into your super and then claim that as tax deduction at year end.  
Some employers would reduce the amount of the SGC claiming that due to your salary reducing as part of the salary sacrifice strategy, the employer didn't need to pay the full 9.5% on the entire salary package but only on the salary received. 
Being able to lodge your own personal tax deductible super contributions takes this danger away.
Is salary sacrifice a good idea?  It can be but the great news is it isn't the only plan in town any more.  You have options that just might suit you better.  Talk to your planner about which strategy would suit you.kj

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