Boost your nest egg while saving tax

Michelle McVeigh • May 18, 2018

Some new rules have come into play that may allow you to claim a tax deduction if you put extra money into super…. but you need to act before the end of June to get the benefit in your 2017-18 tax return.

New ATO rules now allow eligible salary and wage earners (under 75 years old) to put extra contributions into super and claim it as a tax deduction. Previously you could only do that if less than 10% of your earnings was from salary or wages – so it was really only a tax deduction for people who were self-employed.  It was commonly known as the 10% rule.  Effective 1 July 2017, the 10% rule was removed for the 2017-18 and future financial years. This means most people can now claim a tax deduction for personal super contributions (including those aged 65 to 74 who meet the work test). But you must notify your fund in writing of the amount you intend to claim as a deduction within the required timeframe.

So while you might think that tax planning is for businesses only, as a salary and wage earner you can benefit greatly from booking a Tax Update Appointment with BMO before the end of June.  We can also use this “Tax Update” to look at any ways we can reduce your tax liability or improve your financial position through other strategies like rental property deductions and salary sacrificing.

Don’t invest in super just to save tax, make sure it lines up with your long term goals, which is why we recommend that you seek professional advice, as everyone’s situation is different.

Adrian Rasmussen retires after decades supporting Regional Queensland

By BMO • June 30, 2026
After an incredible career dedicated to supporting regional businesses, farming families and rural communities, BMO Business Centre Partner Adrian Rasmussen will officially retire from the partnership effective 30 June 2026. For many across the Western Downs and beyond, Adrian has been far more than an accountant or advisor. Over decades in business, he has built trusted relationships grounded in honesty, loyalty and a genuine understanding of regional life and the people who live it. Adrian’s connection to the country and agriculture has always been at the heart of who he is. He has worked alongside generations of farming families and business owners through seasons of growth, challenge and change, becoming a steady and respected presence for clients, colleagues and the wider community alike. Reflecting on his time at BMO, Adrian said the relationships formed throughout his career have been among the most rewarding parts of the journey. “It has been a privilege to work with so many wonderful people over the years; not only clients, but colleagues and communities who have become lifelong friends,” Adrian said. “Regional communities are built on relationships, trust and supporting one another, and I’m incredibly grateful to have been part of that throughout my career.” BMO Business Centre Managing Partners Kelvin Tyler and Michelle McVeigh said Adrian’s contribution to both the business and the region would leave a lasting legacy. “Adrian has played an incredibly important role in shaping BMO into the business it is today,” they said. “His care for clients, commitment to regional communities and calm, practical approach have earned enormous respect across our industry and the communities we serve. While we will certainly miss having him in the office, we are excited for Adrian and his family as they enter this next chapter.” While stepping away from the partnership, Adrian is looking forward to spending more time with family, on the farm and enjoying a well-earned change of pace after many years dedicated to supporting others. Everyone at BMO Business Centre extends their sincere thanks to Adrian for his years of service, friendship and leadership, and wishes Adrian and his family all the very best for the future.

Your 30 June superannuation checklist

By Nikki Ashurst • June 4, 2026
Five easy ways to get more into your super fund before the end of the financial year.