Whether you have you own Self Management Superannuation Fund (SMSF) or are a member of an industry or retail fund you should be aware of the following Caps and thresholds:

1.     Contribution Caps – Different caps apply to different types of contributions made during a financial year.  You may be liable for extra tax if these caps are breached.

2.     Division 293 tax – If certain income and superannuation contributions are greater than $250,000 you could be eligible for Division 293 tax (From 2017 onwards).

3.     Payments from / by Superannuation Funds – Depending on your circumstances such as your age and employment situation there are limits to what you can withdraw from your superannuation fund.

4.     Superannuation Guarantee – Employers are required by law to pay superannuation to their employees.  They are required to pay a minimum percentage of each employees Ordinary Times Earnings - ‘wages’, currently 9.5%.

5.     Government Contributions – Depending on your income you may be eligible for a co contribution by the government.

If you would like to discuss further please contact us:
McNamara and Co - Chartered Accountants, located minutes from the Melbourne CBD
www.mcnamaraandcompany.com.au/contact-us
Phone +61 3 9428 1062
Email admin@mcnamaraandco.com