Superannuation - 5 Tips
By Simon Rodger
The uncertainty surrounding the superannuation rules is now starting to ease as legislation gets through the new parliament. Time flies though, so make sure you consider seeking advice on these 5 areas before tougher rules come into force on 1 July 2017.
- Maximise concessional contributions before they reduce to $25,000 per member
- Maximise post tax contributions to as much as $540,000 (using bring forward provisions) before they reduce to $300,000 per member
- Monitor and plan your lifetime cap of post tax contributions which will reduce to $1.6million per member
- Review the tax position of your self managed fund if you are in pension mode and have funds exceeding $1.6million per member
- Consider your transition to retirement strategy now as the current tax advantages will not be around much longer
As always, seek advice first!