How to Reduce your Taxable Income as an Australian Expat before 30 June

Looking to reduce your taxable income in Australia before 30 June?

If you’re an Australian Expat with taxable income in Australia (e.g. rental income or capital gains), there are strategies available to reduce your taxable income before 30 June, saving you on tax.

A common strategy to reduce your taxable income in Australia is with a Concessional Contribution to Super.

🔑 What is it?
A concessional contribution is a before-tax contribution to your super fund. It’s usually taxed at just 15%, often lower than most marginal tax rates.

🌎Why it helps:
✅ It can be claimed as a tax deduction
✅ It can significantly reduce your taxable income
✅ The funds are invested to grow your wealth in a tax-effective way

📝Annual cap:
You can contribute up to $30,000 per financial year (including any employer contributions). If you haven’t used your full cap in the previous five years, you may be able to contribute more using the “carry-forward rule”.

For Australian Expats, even if you’re working overseas, you may still be eligible to contribute and reduce your taxable income. However, it’s crucial to seek professional advice to ensure you meet all the criteria and that it’s implemented correctly.

🗓️The cut-off is 30 June, so now’s the time to consider whether a contribution to your Super is right for you.

To learn about other strategies to reduce your taxable income before 30 June, be sure to check out our latest blog:

https://www.runwaywealth.com/post/red...

General Advice Disclaimer: The information contained herein is of a general nature only and does not constitute personal advice. You should not act on any recommendation without considering your personal needs, circumstances, and objectives. We recommend you obtain professional financial advice specific to your circumstances.
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