Author: Hilliard Gar
1. Maximise concessional contributions for 2013/14
– Members of funds need to mindful that their contribution caps for the 2013-2014 year to be maximised without their contributions caps being exceeded so as to attract excess contribution tax.
– Please be aware:
– Under 50 years old:
cap for 2013/14 is $ 25,000, cap 2014/15 is $ 30,000
– Over 50 years old:
cap for 2013/14 is $ 25,000, cap 2014/15 is $ 55,000
2. Personal deductible contribution before year end
Subject to 10% rule whereby an individual is allowed a personal deduction in their personal tax return for contributions made to their superannuation provided the earnings from salaries and related earnings are less than 10% of their TOTAL earnings from all sources (excluding pension receipts from their superannuation)
3. Kindly be aware that if you maximize your non-concessional contribution of $ 150,000, you may not exceed it by paying your superfund expense by using a non-superfund account.
4. Certain life insurance policies have a superfund contribution element.
Source: “The Taxpayer”