With super, it’s not a trust distribution but a tax deduction from a trust. We need to consider our $25,000 cap per person, per year. If you do have under $500,000 in super on the 30 June of the previous financial year, you are able to carry forward any unused cap from 2019 onwards.
We’ve got clients where they might have been building their business and they’re not contributing to super. A lot of self-employed people don’t often prioritise super.
So let’s say you’re not contributing to your super, then you’ve got 2019, 2020, 2021, 2022, 2023, 2024 – if you’re under $500,000, you can carry forward up to 5 financial years. Let’s say you didn’t put in a cent, then you can whack $125,000 per person into super in your fifth year.
If you have a massive year and make heaps of profit, that’s one way of reducing your tax in a big way.
Learn more and register to our next Online Save Tax Workshop – https://info.inspire.business/save-tax-workshop
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