It is that time of the year again. As the end of the financial year looms ahead, you have just a month to sort out your money affairs.

Superannuation is the headline act, thanks to a series of changes that make a big difference to contributions.  Here are six things you need to consider…

Check your concessional (before tax) contributions. Make sure your employer has been making regular quarterly Superannuation Guarantee payments and your fund has received all your concessional contributions.

Check you have not exceeded your concessional contributions cap. Concessional cap is $30,000 pa for those aged under 49 and $35,000pa for those aged 49 and above. Concessional contributions include your employer’s compulsory contributions, your salary sacrificed contributions and any personal tax-deductible contributions.

If you are a low or middle-income earner consider making a personal contribution to qualify for the government’s co-contribution ($500 in 2016-17) into your super account. This applies to those earning less than $51,021.

Consider making a spouse super contribution of up to $3000 to qualify for a tax rebate of up to $540 if your spouse earns less than $13,800.

Get your contributions into your super fund on time. Many people do not realise that any additional contributions into super must be made well before 30 June. Most funds have a cut-off date for contributions several days before end of the financial year.

If in doubt, talk to an expert. Super contributions and tax are complicated issues, so it may be a good idea to have a chat with your accountant or financial planner before making up your mind on major financial decisions which will have tax or investment consequences.

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