Contributions & Pensions – Things to Check Prior 30 June

Feb 20, 2016 | Personal Wealth, SMSF

Cathy Walley

This is a reminder for everyone to check prior to 30 June 2016:

Concessional Contribution – Check that you haven’t breached the $30,000 employer contributions limit (or $35,000 if you are over 50 years) if you have been salary sacrificing into super. If you do want to claim the amount contributed, ensure that the amount has been cleared and receipted by your super fund’s bank account by 30th June 2016; and

Pensions – If you are receiving a pension from your super fund, please make sure you take at least the minimum pension amount required by 30 June 2016. Note that if you do not take at least the minimum pension, your the super fund will not receive the pension tax exemption and will pay 15% tax rather than 0%. If you are unsure about your pension payment amount for the current year please contact us.

Please note that internet transactions made on Thursday 30 June 2016 will most likely not be counted for the current year as the transaction receipt will be dated 1 July 2016, not 30 June 2016. If you have a self managed super fund and you need to make a contribution or make a pension payment we suggest writing a cheque and giving it to yourselves. This will satisfy the rules.

If you would like further information on these rules please contact Simon Flowers or Cathy Walley.

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