Superannuation laws have changed…..AGAIN!
The government is intent on limiting monies that can be contributed to superannuation. Broadly speaking there are 3 ways to contribute monies to super, being:
In this commentary, I am discussing Non-concessional Contributions – these are amounts of money that can be contributed to superannuation that you do not get a tax deduction for. The benefit of such contributions can include the subsequent earnings on those invested monies being taxed at 15% or even 0% – a significant reduction on the bulk of the personal taxation rates.
Recent changes by the Government are designed to limit the amount of Non-concessional Contributions that can be contributed to superannuation. Annual contributions are to be limited to $100,000 per year (the bring forward rule will still apply), however if you have more than $1.6M in super then future Non-concessional Contributions cannot be made. These new laws do not take effect until 1 July 2017.
Should you have surplus funds outside of super and wish to consider the options of making a contribution, please do not hesitate to contact one of our qualified staff members at HQB Chartered Accountants.
– Ian Hogbin
Posted 22.3.17
The information we are providing to you is purely factual in nature and does not take into account all of your personal objectives, situations or needs. The information is objectively ascertainable and, therefore, does not constitute as financial product advice. If you require personal advice you should consult an appropriately licenced person or authorised financial advisor, such as HQB Financial Solutions Pty Ltd.
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