Are you getting the most from your SMSF this financial year?
Self-managed super funds are the fastest growing superannuation vehicle by way of popularity amongst Australians. This is because of theflexibility around investments, tax and estate planning.But as attractive as an SMSF is, it’s imperative that you make the most of your fund by keeping up to date with the latest rules and legislative changes.
Maximise your cap
- One way to boost your super savings is by making the most of your contribution cap* each financial year. If you don’t contribute the maximum amount each financial year, the remainder may not be carried forward into the next financial year.
- If you exceed your concessional contributions cap you mayhave to pay additional tax. So don’t exceed your concessional contribution cap. Keep in mind that any excess concessional contributions made could be counted towards your non-concessional contributions cap.
* For the financial year ending 30 June 2016, concessional super contributions are capped at $30,000 pa, for people aged 48 or under on 30/6/15 and $35,000 pa for people aged 49 or over on 30/6/15. The Government announced in the 2016 Federal Budget that from 1 July 2017 the concessional contributions cap will be reduced to $25,000 pa for all individuals.
Disclaimer 1: For advisers who are not a registered tax agent.
This document contains general information only.Adviser Business name> is not a registered tax agent. If you wish to rely on this letter to determine your personal tax obligations, you should consult with a Registered Tax Agent. In preparing this information, <Insert adviser Business name> did not take into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision, a person needs to consider (with or without the advice or assistance of an adviser) whether this information is appropriate to their needs, objectives and circumstances. Any tax estimates provided in this publication are intended as a guide only and are based on our general understanding of taxation laws. They are not intended to be a substitute for specialised taxation advice or a complete assessment of your liabilities, obligations or claim entitlements that arise, or could arise, under taxation law, and we recommend you consult with a registered tax agent. This information is based on our interpretation of relevant superannuation, social security and taxation laws as at 11 May 2016.
Disclaimer 2: For advisers who are a registered tax agent
This document contains general information only. In preparing this information, <Insert adviser Business name> did not take into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision, a person needs to consider (with or without the advice or assistance of an adviser) whether this information is appropriate to their needs, objectives and circumstances. Any tax estimates provided in this publication are intended as a guide only and are based on our general understanding of taxation laws. They are not intended to be a substitute for specialised taxation advice or a complete assessment of your liabilities, obligations or claim entitlements that arise, or could arise, under taxation law, and we recommend you consult with a registered tax agent. This information is based on our interpretation of relevant superannuation, social security and taxation laws as at 11 May 2016.