Your investment update - May 2024
In our latest update, we give you a quarterly performance recap, an update on market news and volatility, and showcase one approach we’ve taken towards investing in AI.
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The deadline for extra contributions into super for the 2023-24 financial year has now passed.
If you’d like to contribute for the 2024-25 financial year, you will need to make your contribution after 1 July 2024.
claiming a tax deduction on your after-tax super contributions
You may be able to claim a tax deduction for any after-tax super contributions made into your account.
Claiming a tax deduction on your after-tax contribution essentially changes it to a before-tax contribution (also known as concessional contributions). This means they’re taxed at 15% and count towards your concessional contributions cap. The concessional contributions cap for 2023-24 financial year is $27,500.
Find out more about claiming a tax deduction >
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Federal Budget 2024-25
With inflation and currently high interest rates continuing to hit household budgets, this year’s Federal Budget contained some important changes for super.