BY DAVID BOUCHER
Seek advice as soon as possible to save tax and meet the 30 June deadline
If you want to build up your super and save tax, you have a once in a lifetime opportunity to contribute up to $1million dollars of post-tax money into super – but you only have until 30 June this year.
From 1 July 2007, the level of money you can place into your super fund (post-tax contributions) will be limited to $150,000 per financial year*, potentially restricting the amount you will be able to save for your retirement. After this time, if you go over the $150,000* limit, your contributions will be taxed at the highest marginal tax rate 46.5%!
Wayne Byrne, an authorised representative of Count Financial suggests now is the time to consider placing greater amounts into your super fund to minimise tax and save for retirement. Seek advice if you have funds available from:
– The sale of a property, business or other investments;
– An inheritance, windfall or payout; or
– Any surplus money.
If you are waiting on funds from a sale, you may also be able to borrow money over the short-term to place into super to meet the 30 June deadline – seek advice on your situation.
For further information, Wayne may be contacted at Vanzwan Accounting Plus at 80 Emu Bank Belconnen or on 02 6251 4888
Wayne Byrne is an Authorised Representative of Count Financial Limited, an Australian Financial Services Licence Holder (No. 227232) and Australia’s largest independently owned network of financial planning accountants and advisers.
The advice provided is general advice only as, in preparing it, we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, objectives and financial circumstances.
*$150,000 per person aged 65 and over, who meet the Work Test (per financial year), or $450,000 averaged over 3 years for those under 65. This applies to post-tax (non-concessional) contributions made into a super fund.
The $1million dollar limit currently available includes post-tax contributions made into super from 10 May 2006 – 30 June 2007.
BY DAVID BOUCHER