Things to check prior to 30 June 2014

Simon Flowers

This is a reminder that everyone should check prior to 30 June 2014:

  • You haven’t breached the $25,000 employer contributions limit (or $35,000 if you are over 60 years) if you have been salary sacrificing into super; and
  • If you have a pension from a super fund, please make sure you take at least the minimum pension amount required by 30 June 2014 otherwise the pension will be treated as lump sum withdrawals and the super fund will not receive the pension tax exemption on the income derived within the super fund. If you are unsure about your pension payment amount for the current year please contactus.

Both of these could have massive tax implications in the current year.

Also note that 30 June 2014 is on a Monday this year, therefore you will need to make your super contributions by Friday 27 June 2014 or preferably beforehand, as the fund must have received the contribution by this date. Please note that internet transactions made on Monday 30 June 2014 will most likely not be counted for the current year as the transaction receipt will be dated 1 July 2014, not 30 June 2014.

If you have breached your contribution cap or wish to be reminded of your minimum pension withdrawal amount please let us know.

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

Related insights

Financial audit guide for businesses

Financial audit guide for businesses

Financial auditing can seem daunting for a business of any size, but it doesn’t need to be a stressful process. Auditing your company’s finances is important for ensuring accountability and accuracy in your business. Our guide on financial audits for businesses below...

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.