Before making any superannuation contributions please discuss this with our office. There are strict eligibility requirements. Most importantly, regardless of the type of contribution being made the Super Fund must receive the contributions before June 30. Transfers and deposits must clear before June 30.
If you have a spouse who has an Adjusted Taxable Income (ATI) of less than $10,800 then you can obtain a
maximum tax offset of $540 for a spouse contribution. The tax offset decreases as your spouse’s income exceeds $10,800 and cuts off when their income is $13,800 or more. Your spouse must be under 70 years of age.
If your adjusted taxable income (ATI) is less than $34,488 you can make a non-concessional contribution of up to $500 and the Government will match this contribution with a co-contribution for the same amount you have contributed. This tapers out at $49,488. To be eligible, individuals must earn at least 10% of their income from carrying on a business or as an employee, be a permanent resident of Australia and be under 71 years of age at the end of the financial year.
A new system of electronically reporting superannuation contributions has been introduced and employers with more than 20 employees now have until 30 June 2015 to fully implement the SuperStream system. Employers with less than 20 employees have until 30 June 2016 to comply.
It is important that you comply with the regulations as soon as possible and employers will need to obtain the necessary electronic service addresses from your employees for reporting contributions.
For Trustees of Self-Managed Superannuation Funds, it is necessary to obtain an Electronic Service Address that can receive the necessary electronic information.
Disclaimer: This newsletter contains general information only. Regrettably, no responsibility can be accepted for errors, omissions or possible misleading statements or for any action taken as a result of any material in this guide. It is not designed to be a substitute for professional advice, as such a brief guide cannot hope to cover all circumstances and conditions applying to the law as it relates to these items.