Are you aware that the superannuation changes introduced on the 1st of July 2017 were not just about capping the amount of capital that can be transferred to retirement pension phase? They also included big changes to tax deductible and non-deductible contributions.
For the 2018 Financial Year, the concessional contribution cap is $25,000 for everyone who is eligible to make these contributions. There’s no longer a higher cap for anyone 50 or over. The tax deduction for personal contributions has also changed, but there’s a bit of a catch as personal super contributions claimed as an income tax deduction count towards the concessional contribution cap of $25,000 for the financial year 2018.
The annual non-concessional contribution cap for the 2018 Financial Year is $100,000. This has been reduced from the 2016/17 figure of $180,000. However, if the total amount you have in super on the 30th of June in the previous financial year is not less than $1.6 million, you won’t be able to make a non-concessional contribution for that financial year.
The work test still applies for those 65 and above when they make a contribution to super, but this means no personal contributions after age 75. For those aged at least 65, from the 1st of July 2018, there’s a new type of personal contribution which allows those who qualify to contribute up to $300,000 to superannuation from the sale of their family home that has been owned for at least 10 years.
If you require clarification on any of these points, please contact your 360Private Advisor.
This year one of our Directors, Greg Rundle, will be joining business and community leaders from around Australia to take part in the 2017 Vinnies CEO Sleepout, raising awareness and vital funds to support services for the thousands of men, women and children experiencing homelessness across the country.
When thinking about the risk factors in each business, the term ‘key man’ is often used. What this relates to is revenue and how the exit of 1 or more person(s) could affect the revenue of the business. It occurs when a business becomes heavily reliant on a key individual(s). Although this risk is typically found in small to medium enterprises (SME), it occurs in companies of all scales and to varying degrees.
When you pass away, the only way to ensure you have a final say over your assets, your final resting place and your legacy is to make a Will.
More often than not the focus for retirement centres on finances. However, retirement planning is not all about the money; thought also needs to be given to how you are going to transition from a working life to a retired life.
Whilst travel between your home and workplace is usually considered private and therefore not claimable, there are a few exceptions.
Whilst the majority of Australians are generally willing to become organ and tissue donors, less than 1% of people die in the hospital in the specific circumstances where organ donation is possible. Here in Australia, your family will always be asked to confirm your donation decision before the donation can proceed so, if you fall into that 1% and you do wish to be an organ and tissue donor, it is very important that you let your family know.
Members of the 360Private Investment Committee attended the Sohn Hearts & Minds Investment Leaders Conference earlier this month in Sydney. The conference has been running for 19 years in the United States and this year marked the first in Australia.
Whether it be a query about superannuation, investments, insurance, mortgage or any other financial based questions, get 360Private to check on your financial health.
SPORTSMED SA has been proudly associated with the team from 360Private for over 20 years. Both SPORTSMED SA and 360Private have grown considerably over this time and the challenges have been many and varied. The range of services provided by 360Private are as relevant to our business today as they were 20 years ago and are supported by strong client/advisor relationships and leadership.
- Alan Morrison, CEO Orthopaedics & Hospitals, SPORTSMED SARead more ...