2021 Tax Taps – Pay Your Super Early
Today I want give you a 2021 financial year Tax Planning tip. And that is to pay to your super early, before 1 July 2021 if you can.
There are 2 very good reasons why you should. These are:
- Superannuation payments are only tax deductible when paid
- For small to medium sized trading companies (with a turnover of less than $50 million) the tax rate drops from 26% to 25% effective 1 July 2021.
Do you want a bigger tax and cash savings this year, vs a lower tax and cash saving that will be a year later? Here is an example if you had to pay $10,000 in super for the June 2021 quarter
That’s why if you have the cash, pay your super early.
If you want some help, contact me below.
Contact Wayne Wanders for your FREE Business Survival Session
At the end of this session, you will have multiple ideas on how your business can survive and thrive in these uncertain times.
Simply fill in the contact form below or email me at wayne@aRealCFO.com.au or call me on 0412 227 052 to organise one of these obligation free sessions.
Wayne Wanders, A Real CFO
wayne@aRealCFO.com.au