Q: My wife and I purchased a licensed post office and freehold from Australia Post 20 years ago. In addition to the licence, we acquired one title with one building (part of the building is leased to a commercial tenant and part we use to run the post office). A freestanding shop was added in 2002. The value of the ... Read more
Super opportunity: Catch-up concessional contributions from July 2018
Any Australian considering making super contributions since July 2017 needs to be mindful that the annual concessional (before-tax) contributions cap is much lower than previous financial years. Since 1 July 2017, the annual concessional contributions cap has dropped to $25,000, which is a lot lower than the current ... Read more
Concessional contributions cap: 10 super facts you should know
We receive many questions about the concessional contributions caps. We regularly update readers on any changes to the contributions caps (and other super changes), and the implications of such changes on super strategies.The list of 10 Q&As set out below answer many of questions that we have received on the ... Read more
Capital gains: Reducing tax via super contributions
Q: I have a self-managed super fund (SMSF) and I also have two investment properties in my personal name. When I sell the properties, I will be required to pay capital gains tax. Can this capital gains tax be offset by a contribution to the SMSF which would be tax-deductible? Would there be a 15% contributions tax? I ... Read more
Boost your super: 10 planning tips for 2017/2018 year
Although many people are still grappling with the July 2017 superannuation changes (announced in the 2016 Federal Budget), it’s important to note that many of the underlying super rules remain unchanged. For example, the Superannuation Guarantee (SG) rates remain the same, contributions caps are still around (albeit ... Read more
Superannuation checklist: What rules apply for the 2017/2018 year?
Although the Coalition government has made significant amendments to Australia’s superannuation rules, many of the super policies did not change from July 2017 (see list later in article).For your convenience, we have split the 2017/2018 year superannuation checklist into 2 categories of super rules. The first ... Read more
Super health check for beginners: 10 tips for your 2017/2018 retirement planning
Note: This article is current for the 2017/2018 financial year.Near the start of each financial year, SuperGuide publishes an updated super checklist for beginner readers. More advanced checklists will follow in coming months. Use this list as a kick-start for your 2017/2018 super resolutions. You may not keep all ... Read more
How much can I contribute in non-concessional (after-tax) super contributions for the 2017/2018 year?
The annual non-concessional contributions cap is $100,000 for the 2017/2018 year, and if a person is eligible take advantage of the bring-forward rules, then an individual can make up to $300,000 in non-concessional contributions for the 2017/2018 year (representing his or her annual cap over a 3-year period).An ... Read more
Super contributions caps for the 2017/2018 year
The superannuation contributions caps for concessional (before tax) and non-concessional (after tax) contributions have been cut for the 2017/2018 year. (Note that the higher contributions caps applicable for the 2016/2017 year, were the same limits that were in place for the 2015/2016 year, which are also set out ... Read more
The short story on super contributions limits (2017/2018 year)
You can make two types of superannuation contributions – concessional (before-tax) contributions and non-concessional (after-tax) contributions – and each type of contribution has a separate limit known as a contributions cap (see text and tables below). Concessional (before-tax) contributions Before-tax ... Read more
Superannuation contributions: Wearing two caps for 2017/2018 year
Q: Are the caps relating to ‘concessional’ and ‘non-concessional’ contributions regarded as separate? Put simply, can I contribute $25,000 concessional and $300,000 non-concessional sums (a total contribution of $325,000) to my super fund for the 2017/2018 year?A: The contributions caps are definitely separate ... Read more
Boost your spouse’s retirement kitty: 10 things you need to know
These days it’s rare for a government to be more generous about handing out benefits, but when it comes to helping boost your spouse’s super, that infrequent event is set to happen.From 1 July 2017, the maximum income threshold for the spouse contributions tax offset jumps from its current measly upper limit of ... Read more
