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Law Society Northern Territory

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Issue no. 1

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Law Society Northern Territory

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The last twelve months has seen significant changes to superannuation. With this in mind, it is well worth taking the time to ensure you are up-to-date with the changes and their implications, especially as the end of the financial year approaches. Annual cap on the amount of concessional contributions you can pay The annual cap on concessional (before tax) contributions is now $25 000 per annum for all employed people, down from its previous rate of $30 000 for those aged less than 50 years and $35 000 for those aged 50 and over. Concessional contributions include Superannuation Guarantee paid by your employer, amounts you choose to salary sacrifice and contributions for which you intend to claim a tax deduction. If your concessional contributions exceed the new cap, contributions in excess of the cap will be taxed at a higher rate. You should periodically check with your super fund whether or not your concessional contributions are nearing the cap. Tax deductions for contributions One other recent change by the government was to broaden access across more Australians to the concessional contributions cap to include both employees and self employed persons. All people under 75 years of age may now be able to claim an income tax deduction for personal superannuation contributions to an eligible fund with people aged between 65 and 74 needing to first satisfy a work test. Personal contributions for which a tax deduction is claimed count towards the concessional contributions cap of $25 000. Non-concessional contributions The annual cap on non-concessional (after tax) contributions has been reduced to $100 000 per annum down from $180 000 per annum. However, if you are under 65 years of age, you may be able to make non-concessional contributions of up to three times the annual cap (i.e. $100 000) in a single year to a maximum bring-forward amount of $300 000. Super fund members with a total super balance of $1.6m at 30 June of the previous financial year are reminded that non-concessional contributions are no longer permitted. For those earning over $250 000 People with more than $250 000 of income and superannuation contributions (adjusted for other benefits) now pay an additional 15 per cent tax on their concessional Super changes in review As a new year starts, it is timely to ensure you are up-to-date with recent changes to super. Andrew Proebstl Chief Executive of legalsuper 19