Super

Unfortunately, no. Expenses for job searching when you’re unemployed aren’t deductible, as they’re not directly linked to earning current income.

Yes, if the seminars or educational courses directly relate to your job and help maintain or improve your work-related skills, you can claim these costs.

Salary-sacrificed super contributions appear on your PAYG income statement as “Reportable Employer Super Contributions”. These amounts affect eligibility for certain benefits from Centrelink, as well as other government payments and offsets subject to income tests.

Yes. For the 2024 financial year, the concessional (pre-tax) contribution limit is $27,500. From July 2024, this increases to $30,000. Unused concessional contribution amounts since 2019 can be carried forward for up to five years, provided your total super balance was below $500,000 at the end of the previous financial year.

Non-concessional (after-tax) contributions have a yearly limit of $110,000 for 2024. Under recent rules, individuals under 75 years can use the bring-forward arrangement, contributing up to three times the annual limit at once.

Salary sacrificing lets you contribute part of your pre-tax salary into super, which gets taxed at a lower rate (15%) than most marginal tax rates. The annual concessional contributions limit is $27,500 for 2024, increasing to $30,000 in 2025. If you exceed the limit, excess contributions may attract extra tax.

If you’re over 60 and withdrawing from a taxed super fund (where contributions taxes have been paid), your super withdrawals or pension income are tax-free. Most Australians have their super in a taxed fund.

Yes, you can claim a tax deduction for personal contributions made from your after-tax income. Remember, these claims count towards your concessional contributions cap ($27,500 for 2024). Make sure you submit a valid ‘notice of intent’ to your super fund and receive an acknowledgment before claiming.

Your employer’s contributions (including salary sacrifice) appear as ‘Reportable Employer Superannuation Contributions’ on your PAYG summary. These amounts count towards income tests used by Centrelink and other benefit providers.

Providing your TFN ensures you avoid extra tax charges on your employer’s contributions. Without it, your fund may not accept personal contributions or government co-contributions. Additionally, higher tax rates apply to contributions made without your TFN.