This strategy suits people who:
There are a few things to remember:
Steps to take to make the concessional contribution
You will need to make your super contributions before 30 June 2018 if you want to ensure they are counted towards this year’s cap. For it contribution to count for this year, it has to be received by the fund prior to 30 June. Since the processing can take a few days, do not leave it until the last day. In addition, you will need to lodge a ‘Notice of Intent’ form with your super fund. This is critical to ensuring you can claim a deduction for your contribution. You need to do this before you lodge your tax return is lodged for the year the contribution was made, or the end of the financial year following the financial year in which the contribution was made. You also have to lodge the notice before you exit the fund (e.g. rolled over your funds to another super fund, or withdraw them), or start a pension.
Speak to your adviser to ensure you are maximising your savings and minimising your tax.
Sam Morris
Compliance and Technical Manager
Prime Financial Group
Disclaimer:
This information has been prepared by Primestock Securities Limited ABN 67 089 676 068, AFSL 239180 (“Prime”). Prime accepts no obligation to correct or update the information or opinions in it. This information is intended to be general in nature and is not personal financial advice. It has been prepared without taking into account your particular circumstances and needs. Hypotheticals, illustrations and examples are provided for illustrative purposes only. They should not be relied on to make decisions. Any reference to taxation, legal or other matters are based on Prime’s interpretation of laws existing at the time and may change with time.
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