Your super at end of tax year

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.

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.

Topics:  opinion superannuation tax

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