Contributions made to superannuation where a tax deduction has been claimed incur superannuation contributions tax. Contributions where a tax deduction has been claimed are referred to as Concessional Contributions. The types of contributions that are assessed as...
What is the taxable component in superannuation? There are two main tax components that make up a superannuation balance. These components are the Taxable Component and the Tax-Free Component (sometimes referred to as the Exempt Component). The Taxable Component is...
Comparing Concessional and Non Concessional contributions. This article discusses the difference between Concessional and Non-Concessional contributions, including what are Concessional and Non-Concessional contributions. There are only two types of contributions that...
A superannuation recontribution strategy involves withdrawing some or all of your super balance and recontributing back into super as a non-concessional contribution. It is a reasonably common strategy recommended by financial advisers to their clients under certain...
The Low Income Super Tax Offset is a superannuation payment made by the Government into the superannuation account of Low Income Earners to help them save for retirement. This superannuation support for low-income earners essentially refunds the contributions tax...
Age limits for superannuation contributions are important for determining who can and who cannot make contributions to superannuation and the type of contributions that can be made. The age limits and types of contributions that can be made to super have changed a few...
The superannuation Tax Free component (aka tax-exempt component) is made up of all after-tax contributions made to superannuation (i.e. Non-Concessional Contributions). A superannuation balance will consist of two main tax components: the Tax Free component and the...
Excess superannuation contributions tax is payable on contributions that exceed the Non-Concessional Contributions Cap or the Concessional Contributions Cap. The rate of Excess Contributions Tax that is payable on Excess Contributions is dependent on the type of...
The Superannuation Guarantee Levy rate is the amount that an employer is required to pay into a superannuation account on behalf of an employee under the superannuation guarantee obligations. The Superannuation Guarantee Levy is represented as a percentage of an...
So, how do the catch-up provisions for unused Concessional Contributions work? And how can these unused Concessional Contributions be carried-forward? This article will explain the conditions that need to be met so that an individual can utilise the Concessional...
