Last time we talked about the caps that apply to superannuation contributions. This week we’ll have a look at the implications if the caps are exceeded. The ATO will impose a penalty known as excess contributions tax if you exceed either the concessional or non-concessional caps in a given financial year. For concessional contributions, every […]
Monthly Archives: April 2012
An update on superannuation contribution limits
There are two ways in which you can contribute to your superannuation fund – via concessional or non-concessional contributions. Concessional contributions are included in the assessable income of your fund and include employer contributions (i.e. 9% super guarantee and salary sacrificed amounts) and amounts for which you are eligible to claim a tax deduction for. […]
Terminal illness: Why you need financial advice
Being diagnosed with a terminal illness is one of the most traumatic events you could ever go through. In many cases it’s also completely unexpected, so with the exception of existing insurance policies such as income protection, life insurance and trauma cover, you won’t have planned for it. Obtaining financial advice during this difficult, emotionally-challenging […]