News
 

Personal Deductible Super Contributions Tips and Traps – Part 2

Posted on 14 March 2019

Last month we looked at the traps and this month we will take a closer look at the tips.

  1. Prior to making additional personal concessional contributions, be sure to account for all concessional contributions made (& due) that financial year
  2. Make sure you confirm the classification of all contributions made before the end of financial year, prior to claiming a tax deduction
  3. Know that in order to claim a tax deduction you must have lodged a Notice of Intent – ensure that it is valid. There are a number of additional things to know about the Notice of Intent:
    • Submit all notices & receive acknowledgement from the fund prior to rolling over any super funds
    • Ensure the amount specified in the Notice of Intent does not exceed the amount that is calculated to remain in the fund after a rollover or withdrawal
    • Submit all notices of intent & receive acknowledgement from the fund prior to transferring super to another fund to pay insurance premiums
    • Submit all notices of intent & receive acknowledgement from the fund prior to withdrawing amounts from super
    • Submit all notices of intent & receive acknowledgement from the fund prior to releasing any first home super saver contributions
    • Submit all notices & receive acknowledgement from the fund prior to commencing a pension (of any size)
  4. Consider your tax-free threshold – is it in your best interest to claim a tax deduction or should the contribution be treated as a non-concessional contribution.
  5. For those earning more than $250,000 per annum, speak with your Accountant before making any additional contributions.
  6. Take extra care making additional contributions if your super balance is $1.6M or more
  7. Take extra care if maximum non-concessional contribution limit has been reached for the year
Vue Financial

The author is an employee of Vue Financial Pty Ltd, Authorised Representative of Count Financial Limited, AFSL 227232.

Important information:

The information in this article is provided for illustrative purposes only and does not take into consideration your personal circumstances. You are encouraged to seek financial advice suitable to your circumstances to avoid a decision that is not appropriate. Any reference to your actual circumstances is coincidental. Count Financial Limited and its representatives receive fees and brokerage from the provision of financial advice or placement of financial products.

 

Website By You Marketing