- Changes to overseas working holiday tax
- Employment and the 457 visa
- Exciting new service offering at YML!
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- Six Things that Can Keep a Business from Growing
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- FBT 2016 - WHAT YOU SHOULD KNOW
- How New Laws May Impact Your Use of an Earnout Right when Buying or Selling a Business.
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- YML Insight February 2015
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NOW is the time to consider your Year-End Super ContributionsA superannuation fund with a healthy and prospering balance is an important lifetime investment. Super contributions are governed carefully in Australia and caps exist, indexed annually, which must not be exceeded if you want to avoid paying additional tax penalties on the excess you contribute beyond the cap limit.
The annual cap for total concessional contributions has fallen to $25,000, regardless of your age, however a work test is applicable once you reach 65 years of age. A concessional contribution is a contribution such as your employer contributions, including salary, salary sacrifices, bonuses, or an extra personal contribution you make yourself to ‘top up’ your super investment and on which you may claim an income tax deduction.
These concessional contributions are ‘before tax’ contributions and are subject to a tax liability of 15%, known as ‘concessional tax’.
If you make a personal contribution in to your SMSF on which you do not claim an income tax deduction, this is called a non-concessional contribution and is an ‘after tax’ contribution.
Consider using cash proceeds from share sales, property sales or an inheritance you have to move these investments in to your SMSF. The increasing value of cash proceeds may mean a transfer in to your super fund helps you to control the amount of tax you will pay. The annual cap for non-concessional contributions in the 2018/2019 financial year is $100,000. However, be aware that if you are nearing 65 years of age, you have an option to contribute up to $300,000 with the ‘bring-forward’ rule.
If you make a non-concessional contribution in to your SMSF and you are a lower to middle income earner, the government automatically makes a contribution – up to $500 – in to your SMSF upon receipt of your annual tax return.
You may be eligible to claim a tax off-set of $540 if you contribute to your de-facto/spouse’s super fund and your de-facto/spouse earns up to $37,000 per annum. There is a phasing out of this tax off-set amount after $37,000 per annum income, stopping at $40,000 per annum income.
Splitting Contributions (De-facto/Spouse)
The government is looking at limiting the tax-free balance of super funds, so it would behove you to consider splitting superannuation contributions with your de-facto/spouse.
Splitting contributions makes sense in the following scenarios:
- Your de-facto/spouse’s super fund has a much higher balance than yours
- Your de-facto/spouse is significantly older than you and their super fund can enter pension phase sooner than yours
- Your de-facto/spouse is significantly younger than you and you can improve your eligibility for concession/pension by lifting investment in their super fund
Take the time today to check your year-end retirement investments. Ensure that you are taking full advantage of your super contribution opportunities.
How can YML help?
Talk to our YML Super Solutions Team today to see how YML Group can assist you with your retirement wealth strategy. Contact us on (02) 8383 4400, or by visiting the Contact Us page on our website.