NOOSA District State High School students enjoyed learning about how to operate and manage a business.
NOOSA District State High School students enjoyed learning about how to operate and manage a business.

Your super at end of tax year

WHILE it may seem like a long way off, the end of the financial year will soon be here and so now is the time to start planning your end of year superannuation strategies.

Here are a few things to consider for your super as we head towards June 30, 2013.

If you have a self managed super fund (SMSF), off-market transfers will be off limits from July 1. Therefore, if you want to transfer a listed share into your SMSF do it before June 30. Otherwise, you could be up for brokerage and other costs.

With the reduction in concessional contribution caps to $25,000 for those over 50 which took effect from July 1 2012, you may need to act before June 30 to ensure you haven't exceeded the cap. Otherwise, you could be liable for excess contributions tax.

If eligible, take advantage of the government co-contribution by making a non-concessional (after tax) super contribution before June 30.

For every dollar of eligible contributions, the government contributes 50 cents to your super up to $500.

The maximum co-contribution is payable for those on incomes at or below $31,920 and reduces by 3.33 cents for each dollar above this. The co-contribution cuts out once your total annual income exceeds $46,920.

If you intend claiming a tax deduction for your super contributions make sure you're eligible to claim the deduction. Get advice if you're unsure. And remember, keep all relevant paperwork to ensure deductions can be claimed.



Gympie Magistrates Court appearances for today

Premium Content Gympie Magistrates Court appearances for today

Here is a list of matters listed at Gympie Magistrates Court

'Frustrating': Key stakeholders missing from quarry meeting

Premium Content 'Frustrating': Key stakeholders missing from quarry meeting

Key voices missing from Kin Kin Quarry trucks meeting

POWER 40: The people who increased their influence in 2020

Premium Content POWER 40: The people who increased their influence in 2020

Elections and pandemics have wrought some massive changes in 2020, and here are the...