Posted on 14 March 2019
Last month we looked at the traps and this month we will take a closer look at the tips.
- Prior to making additional personal concessional contributions, be sure to account for all concessional contributions made (& due) that financial year
- Make sure you confirm the classification of all contributions made before the end of financial year, prior to claiming a tax deduction
- 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)
- 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.
- For those earning more than $250,000 per annum, speak with your Accountant before making any additional contributions.
- Take extra care making additional contributions if your super balance is $1.6M or more
- Take extra care if maximum non-concessional contribution limit has been reached for the year