Did you know that you can boost your super savings by using the unused carry forward concessional contributions cap? Put simply, the unused cap allows individual to carry forward any unused amounts from their concessional contributions cap starting from 1 July 2018. This measure is particularly useful for people that have taken a break from work whether voluntarily or otherwise and gives those individuals a chance to “catch-up” on super contributions they missed.
Check your PAYG instalments
The PAYG instalment system allows a business to spread its income tax liability across the tax year. This helps with cash flow, but also means