Would you like tax deduction for your own super contribution?
Luke Smith joined 2CC Talking Canberra 1206AM with Richard Perno.
The Money Show aired on Friday 7 June 2019.
Luke talks about end of financial year matters and in particular your contributions to super before June 30. They start the conversation though talking about the Government’s new superannuation changes that come into effect from 1 July. If you haven’t had a contribution to your super for a period, the fund is obliged to turn off insurance. Super balances less than $6000 will also be transferred to the Australian Tax Office. This could leave your super fund high and dry if something was to happen as you’d no longer have insurance which might include income protection cover, total and permanent disability cover and death cover. Now is a good time to get your super sorted!
Key highlights include:
- What is a personal concessional contribution?
- Make sure your contribution reaches your super account before June 30 to receive the tax deduction
- Don’t forget that there’s a limit which applies to the amount of concessional contributions you can make. It’s $25,000 per year (which includes employer contributions)
- What concessional contributions you don’t use this year, can carry forward to next year , it called ‘the carry forward rules’
- The carry forward rules don’t apply to everyone, rules apply: your super balance needs to be under $500,000
- Think about how you can use these rules with your partner, if you’re married
- How you might make the most of the concessional contributions this year?
- The benefits of your kids and young adults saving to super
- The benefits of turning your super into a pension (tax free) to make a personal concessional contribution to get a tax deduction, if you’ve met a condition of release
- Don’t forget to lodge the paperwork with your superannuation fund to notify them that you want a tax deduction before June 30
- What happens if you exceed your $25,000 contribution limit?
- An offer to trail our knowledge centre which is full of information, videos and calculators at no cost.
Listen to the Podcast right now:
Also available on Apple Podcasts
Do you need concessional contribution and super advice?
If you need financial advice or would like to talk about making the most of your super opportunities, make an appointment to meet Luke at Envision Financial Services on 6260 4749 or use our contact us form to make an appointment for a confidential discussion about your situation.
Envision 2CC offer: Your first appointment is at our cost. Make an appointment to confidentially discuss your financial situation and financial goals.
Luke will return to talk about financial planning on 2CC Talking Canberra next Friday from 4.30pm. Tune into listen live or visit our website again to catch up on the podcast. You can also check out our YouTube Channel at Envision Financial Canberra.