End of Financial Year Strategies – Week 3 – Non Concessional Contributions

Making personal contributions into superannuation can provide you with additional benefits. Personal contributions are contributions from ‘ordinary money’ or an after-tax contribution.

Individuals with income less than $33,516 can qualify for the Government Co-Contribution of $500 by making a $1,000 contribution to super. Further, individuals with income between $33,516 and $48,516 can still receive a part Co-Contribution. 

Another underutilised strategy is making a non-concessional contribution into your spouses account. If your spouse has an income less than $10,800 you can receive a spouse contribution tax offset. The maximum offset is 18% of a $3,000 contribution. A partial spouse tax offset is also available for individuals whose spouses earn between $10,800 and $13,800.

Making non-concessional contributions into super you must make sure that you do not exceed the cap. 

More About -- > Thomas Jacks

Thomas Jacks BCom (Acc), SMSF SpecialistTM, Adv. Dip F.S. (FP)
“I want to be able to assist clients with their investment and retirement planning by providing real strategy advice. It’s my aim to not only help my clients but to educate them by addressing the entire picture” Google Plus