5 things you need to know to maximise your super | NicolePedMcK
The superannuation sands are shifting yet again, courtesy of decisions by both the former and – possibly – the new federal government.
New financial services minister Stephen Jones says the government wants to introduce the payment of superannuation on top of paid parental leave.Still, there has been, and will be, several significant changes to super at the end of this month. You need to be aware of them... and act accordingly.Several years ago, the Coalition government enacted what is formerly known as a carry-forward of unused concessional super contributions – unofficially, a mop-up to the top-up scheme.
Remember, these maximum amounts include all super contributions from your employer, any salary sacrifice contributions you have made, and any from your own pocket for which you have claimed a tax deduction.Don’t overpay into your super fund, or else you will face tax on the excess at your top marginal rate.A few years ago, eligibility for a spouse contribution was significantly expanded.
Here, a $1000 after-tax contribution into the fund of someone earning less than $56,112 a year will net them an up to a $500 co-contribution from the federal government that goes directly into their fund.Loading
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