Contributions to a super fund is a complex area, which often catches people out.  Contributions can take the form of:

• Concessional Contributions
• Non-concessional Contributions
• Government Co-contributions
• Government Low Income Super Contributions
• Contribution using the ‘Bring Forward rule’
• Rollover Contributions.

In some cases, the payment of an expense on behalf of the super fund can be treated as a contribution and, if not taken into account, may mean the contribution limits have been exceeded.

Frequently asked questions about super contributions:

How Much Can I Contribute to Super?

There are limits on how much you can contribute to super each year depending on how much your employer had already contributed on your behalf.  There are also limits on making contributions depending on your age.  The laws in this area are constantly changing so don’t be misled by out of date information.  We can advise you what you can contribute and how to get the best income tax deduction for your contribution. This is considered as part of your Financial Plan.

Should I Pay Off My Mortgage or Contribute to Super?

This is a smart question to ask and there is no set response.  By paying off your mortgage more quickly you may save on interest paid.  However, there are advantages to making additional super contributions depending on your individual situation.  This is considered as part of your Financial Plan.

Can I Contribute to Super After Retirement?

Depending on your age you may still be able to make tax deductible contributions to super after retirement if you still do some amount of work.  The rules are detailed and we need to talk to you to give specific advice for your situation.  That is why it is wise to complete a Financial Plan.

Will My Super Be Enough?

We can help you work out what your lifestyle goals are in retirement and carefully assess what contributions you would need to make to fund your goals.  We take into account your existing assets, your risk tolerance, your age and many other factors in order to provide personalised advice.  This is all part of making a Financial Plan.

Should I Roll Over my industry Fund to my SMSF?

Rollover of Super from one Fund to another is not as simple as you might think.  There are important considerations including insurance cover before you should proceed with any rollover.  This is all part of making a Financial Plan.

Contact us today.