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Superannuation Planning For Individuals

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”

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