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.

Related insights

Your June 30 guide to superannuation contributions

Your June 30 guide to superannuation contributions

The end of the financial year is fast approaching, making now the ideal time to review your super. Even small additional contributions before 30 June can make a big difference to your retirement savings over time, thanks to the power of compounding returns.  This...

read more
How diversified ETFs can simplify your investment plan

How diversified ETFs can simplify your investment plan

With so many ETFs listed on the Australian stock market, choosing the right one can feel overwhelming. Many ETFs focus on a single asset type, like Australian shares or overseas bonds. If you only invest in one type of investment, there’s more risk. That’s why...

read more

Subscribe for the latest news + updates

Get in touch to explore your opportunities with an LBW expert and discover your journey to a better financial future.