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Contributions to Super

By John Grocke

 

Contributions to super are a great way to add to your savings for the longer term.

There are two types of contributions; either ‘before tax’ and ‘after tax’.

Before tax contributions include employer contributions; salary sacrifice or if self-employed personal deductible contributions – maximum depends on age – < age 49 = $30,000; 49 or more = $35,000 (both include employer contributions).

After tax contributions can come from savings accrued in the bank; a bequest received from an estate or a windfall of money from a lottery – maximum within a financial year = $180,000 or if you are < age 65 you can do up to 3 years at once = $540,000.

These are treated differently from a tax viewpoint – before tax contributions are taxed when they land in the super account at 15%; after tax contributions are not taxed as when they land in the fund.

 



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Accountants & Financial Planners - Mortgage & Finance Services
IMPORTANT NOTICE

On this entire website, information is of a general nature only and has been provided without taking account of your objectives, financial situation or needs. Because of this, we recommend you consider, with or without the assistance of a financial adviser, whether the information is appropriate in light of your particular needs and circumstances.

No representation is given, warranty made or responsibility taken about the accuracy, timeliness or completeness of information sourced from third parties. Because of this, we recommend you consider, with or without the assistance of a financial adviser, whether the information is appropriate in light of your particular needs and circumstances.

Anthony Klatt, John Grocke and Mathew Wilkshire are authorised representatives of Paragem Pty Ltd. Paragem Pty Ltd ABN 16 108 571 875, is the holder of Australian Financial Services License number 297276 and these authorised representatives trade as Johnston Grocke.

AG Finance Group is a Corporate Credit Representative (396686) of BLSSA Pty Ltd, ACN 117 651 760 (Australian Credit License Number 391237).