My carry forward concessional cap is $25k, and my partner's is $70k. So, I would like to make personal super contributions of $25k and $70k respectively this financial year. Can I lodge notice of intents to claim for both contributions and claim a deduction for the two amounts this financial year?
Yes, but make sure that your 2022 incomes will be more than $ 48 K and $ 93 K before the deductions - otherwise the contributions tax will be higher then needed.
Yes, but make sure that your 2022 incomes will be more than $ 48 K and $ 93 K before the deductions - otherwise the contributions tax will be higher then needed.
Bruce4Tax makes a great point - you should consider your marginal tax rate and the effect of the tax free threshold, otherwise you may pay more tax in the super fund than needed - if this is the case you could consider a combination of concessional and non concessional contributions, using concessional to reduce your personal tax by more than the 15% concessional contributions tax in the fund, and if you still wanted to contribute more towards your retirement savings you could make non concessional contributions which go in tax free
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