Excess nonconcessional contributions refundable

Excess nonconcessional contributions - what are they? Excess nonconcessional contributions are undeducted amounts contributed to a superannuation account. (Undeducted simply means that these contributions are being made from either tax paid, or from tax-free funds.) Superannuation nonconcessional contribution 'caps' have been in place for some time now and for the 2015 financial year, were increased applying the indexation measure from an earlier change to legislation in the superannuation environment. Update [...]

By |2020-08-05T14:58:03+10:00May 14, 2014|Superannuation Strategies|0 Comments

Superannuation Co-Contribution benefits

Superannuation co-contribution benefits - for whom The superannuation co-contribution benefits your wealth accumulation, but your contribution circumstances need to be 'eligible'. The government has tightened the purse-strings again this year, but they are still giving away money for those who are ‘means-test’ eligible; and who have made a Non-Concessional Contribution1 to a complying superannuation account. You make the contribution to your superannuation account, then some months after the end of [...]

Superannuation Nonconcessional Contributions

What are superannuation nonconcessional contributions? Superannuation nonconcessional contributions are contributions that have been made - by an individual member; andfor which a tax deduction has not been claimed. Going by the nomenclature NCC, these contributions have, in the past, been referred to as 'undeducted contributions': they count towards your non-concessional contributions cap (see more below). Why make nonconcessional contributions? (The benefits of making nonconcessional contributions) There are many advantages in [...]

By |2021-06-28T09:53:49+10:00December 7, 2009|Superannuation Strategies, Wealth Management|0 Comments

Spouse Superannuation Contributions Tax Offset

The Spouse Superannuation Contributions Tax Offset was introduced to provide a way for spouses to help build the superannuation accumulations of the other in eligible circumstances. A spouse contribution refers to when a person makes a contribution into their spouse’s superannuation account. Provided certain income thresholds are met, the contributing spouse can receive a tax rebate of up to $540 on the contribution. Whilst there are no limits on the [...]

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