Concessional contributions are superannuation contributions in respect of which a tax deduction has been claimed whether those contributions are made by the employer (or a related company of the employer) of the member or by the member themself. These contributions are subject to tax in the super fund at 15%.
concessional contributions
Work test exempt contributions details now released
In the 2018 May Budget, the Government announced the proposal to allow individuals who are recent retirees and who have attained age 65, to make last chance voluntary contributions by providing a one year exemption from the work test.
Do I boost my super or reduce my home loan?
Does it make sense to make additional concessional contributions to superannuation if you still have non-deductible debt such as a home loan? The maths is simple for an average couple on the average tax rate. If $1 of earned income is paid to their personal bank account, the tax man currently collects 39 cents in […]
SISFA’s 2011 submission finds favour in 2016 Budget
SISFA would like to thank the Minister for adopting many of the superannuation measures detailed in our earlier submission of 5 February 2016 SISFA welcomes the announcement of key measures in the Treasurer’s Budget speech of 3 May 2016 that were an integral part of our submission in September 2011 to the Minister for Financial […]
High-time to boost contributions
The higher concessional cap allowance now for those aged 60 or over (as at 30 June 2014) means that it is an ideal time to start thinking and acting to optimise savings’ plans, a leading wealth manager says. For the ‘over-60s’, the limit has risen from $25,000 to $35,000 this year and ‘this is a […]
SISFA has made a pre-Budget submission for complete removal of threshold test
SISFA has made a pre-Budget submission to Government calling for the complete removal of the $500,000 threshold test Small Independent Superannuation Funds Association (SISFA) understands the cost to administer the current proposal is a serious concern for Government. SISFA’s long standing view is that the best and most efficient way to tackle the proliferation of […]