The payments MUST clear through the Fund’s bank account by 30 June 2017. Not paying the minimum pension will result in the Fund losing it’s pension tax free status. Please do not hesitate to contact Wardle Partners should you have any queries.
Super Contribution Limits for 2016/17 and beyond
The annual limit for the amount of superannuation you can contribute concessionally (from employment or claiming a deduction personally) from all sources combined is $30,000 for the 2016/17 tax year. For persons aged 49 years or over on 30 June 2016 the concessional contribution cap is $35,000 for 2016/17.
If you want to ‘top-up’ your super and not claim a deduction, the annual limit for 2016/17 is $180,000. With planning it may be possible to contribute more than this. It is important to plan and monitor the level of contributions being made as the consequences for going over is significant by way of the imposition of the Excess Contributions Tax.
The contribution caps will be changing from 1 July 2017 (2017/18 year) to the following, regardless of age;
Concessional cap $25,000
Non-concessional cap $100,000
Carry forward concessional contributions
From 1 July 2018, if you have a total superannuation balance of less than $500,000 at the end of 30 June of the previous financial year, you may be entitled to contribute more than the general concessional contributions cap using the carried-forward amounts of your unused concessional contributions. The first year you will be entitled to carry forward any unused amounts in the 2019-20 financial year. Unused amounts are available for a maximum of five years, and will expire after this.
Please do not hesitate to contact Wardle Partners should you have any queries or if you require planning in this regard.