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It’s that time of year again…have you been asked some of these tax planning questions?

 

Have you monitored your contributions caps to ensure that they have not been exceeded?

 

Changes to excess contributions apply in the 2013-14 income year and later years. Under the changes, individuals can elect to release an amount of excess concessional contributions from their superannuation interests. Note that a charge also applies to ensure that taxpayers who have concessional contributions in excess of their annual cap do not receive an advantage compared to taxpayers who have not exceeded their annual cap.

 

Do you satisfy the ‘10% rule’ for the income year?

 

Consider whether it would be beneficial to make a deductible personal contribution (again, beware of the concessional contributions cap and note that a deduction is available when the contribution is received).

 

Have you considered a superannuation salary sacrifice arrangement for 2014-15?

 

Note concessional contribution caps when making such contributions.

 

Are you below 64 years of age or under on 1 July of the financial year?

 

If so, you can apply the ‘bring forward rule’ to make non-concessional contributions of up to $540,000 over a three year period

if this rule is triggered from 1 July 2014. Prior to 1 July 2014, the contribution was $450,000 over a three year period.

 

Are you eligible for superannuation co-contributions?

 

 

This is subject to income testing.

 

Note that for contributions made in the 2013-14 income year the following will apply:

 

 

For more tax planning opportunities, please feel free to contact one of our iSUPER® team.

It’s that time of year again…have you been asked some of these tax planning questions?

 

Have you monitored your contributions caps to ensure that they have not been exceeded?

 

Changes to excess contributions apply in the 2013-14 income year and later years. Under the changes, individuals can elect to release an amount of excess concessional contributions from their superannuation interests. Note that a charge also applies to ensure that taxpayers who have concessional contributions in excess of their annual cap do not receive an advantage compared to taxpayers who have not exceeded their annual cap.

 

Do you satisfy the ‘10% rule’ for the income year?

 

Consider whether it would be beneficial to make a deductible personal contribution (again, beware of the concessional contributions cap and note that a deduction is available when the contribution is received).

 

Have you considered a superannuation salary sacrifice arrangement for 2014-15?

 

Note concessional contribution caps when making such contributions.

 

Are you below 64 years of age or under on 1 July of the financial year?

 

If so, you can apply the ‘bring forward rule’ to make non-concessional contributions of up to $540,000 over a three year period

 

if this rule is triggered from 1 July 2014. Prior to 1 July 2014, the contribution was $450,000 over a three year period.

 

Are you eligible for superannuation co-contributions?

 

This is subject to income testing.

 

Note that for contributions made in the 2013-14 income year the following will apply:

  

For more tax planning opportunities, please feel free to contact one of our iSUPER® team.

Contact Details

t: +61 2 9377 0766       

f: +61 2 9377 0788


e: info@isuper.com.au

Office Address:
8/234-242 George St, Sydney 2000

Postal Address:
GPO Box 3759, Sydney NSW 2001

t: +61 2 9377 0766       

f: +61 2 9377 0788


e: info@isuper.com.au

 

Office Address:
8/234-242 George St, Sydney 2000

 

Postal Address:
GPO Box 3759, Sydney NSW 2001