Superannuation
How We Help
Set Up
We can establish your SMSF, assist you with creation of your bank account(s) and transfer of funds if required. We will ensure you have the correct structure in place; Corporate or Individual trustee.
Annual Compliance
We can prepare the accounts, tax returns and financial statements, and liaise with the SMSF auditor, using our SMSF management software. In-house administration means you can meet with us at any time to discuss your fund, unlike offshore providers.
Ongoing SMSF Compliance
Our superannuation team will ensure that your SMSF remains compliant, while keep- ing you informed of the latest developments.
Rollovers
Moving existing superfunds to your SMSF can be a confusing process. We can com- plete all transfers on your behalf.
Contributions
The Australian Tax Office (ATO) has imposed limits on how much, and when, you can contribute to your fund. Our team will ensure you stay within these limits.
Contribution Caps
What are Contribution Caps?
Contribution caps are limits the Australian Government puts on amounts you can contribute to your super.
There are different caps for your concessional (before tax) and non-concessional (after tax) contributions.
Concessional contributions cap
A concessional contribution is one made to your super account from before-tax money and includes employer contributions, salary sacrificed contributions and any contributions you claim as a tax deduction.
Everyone has a concessional contributions cap of $27,500, for the 2023/24 financial year. This was increased from $25,000 in the 2020/21 financial year.
All concessional contributions are taxed at 15% when they are paid into your super account.
NOTE : The Concessional CAP from July 1st 2024 will increased to $30,000.00pa
Carry-forward concessional contributions
It is possible to carry forward unused concessional contributions cap GAP amounts from 1 July 2018.
The first year in which you could increase your concessional contributions cap by the amount of the unused cap was 2019-20, but only if you had a total superannuation balance of less than $500,000 at the end of 30 June in the previous year.
Unused amounts are available for a maximum of five years and will expire after this.
Tax deduction for personal contributions
Anyone under age 67 and those aged 67 to 74 who satisfy the work test can claim a tax deduction for contributions made from after-tax money.
However, when claimed as a tax deduction, these contributions will count towards the concessional contributions cap and be taxed at 15% when paid into a super account.
Non-concessional contributions cap
Non-concessional contributions are made from income you have already paid tax on. The annual non- concessional contributions cap is $110,000. for the 2023/24 financial year. This increased from $100,000 in the 2020/21 financial year. Talk to us to understand the roll
Click Here to find out more about contributions caps on the ATO website.
Division 293 Explained
Being a high-income earner, you may be liable for an additional tax on your superannuation contributions. This is covered by the tax ruling Division 293.
Division 293 tax is an additional 15% tax on certain contributions and is generally payable if your combined income and concessional contributions for Division 293 purposes is more than $250,000 in the financial year.
You can find out more about Division 293 tax: ATO website.
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