2011 Super Contributions
END OF FINANCIAL YEAR SUPERANNUATION STRATEGIES
Below is a list of super contribution types and the allowable contributions or regulations associated with each. There are many tax advantages associated with these contributions and several contribution types may be applicable for you:
Salary Sacrifice – sacrifice part of your salary and have it put into superannuation pre-tax. This could reduce your tax liability by up to 31.5% (from 46.5% to 15%). You also have the option of drawing down on your super as a pre-retirement pension if you are over age 55.
Concessional Contribution
|
Age of Member |
Concessional Contribution limits |
|
Less than 50 |
$25,000 |
|
Over 50 |
$50,000 |
Contributions made by self employed or employers where a deduction can be claimed.
Non-Concessional Contributions – $150,000 p.a. or $450,000 over 3 years up to age 65. Contributions made where no deduction is claimed.
Co-Contribution – If your income is less than $31,920 you can contribute up to $1,000 and get a maximum of $1,000 contribution from the government. Sliding scale of government co-contributions to income of $61,919. See Co-Contributions Ready Reckoner below:
|
Total assessable income plus reportable fringe benefits |
If your personal after-tax contribution is $1,000,your government co-contribution will be: |
|
$31,920 or less |
$1,000 |
|
$35,000 |
$898 |
|
$40,000 |
$731 |
|
$45,000 |
$564 |
|
$50,000 |
$397 |
|
$55,000 |
$231 |
|
$61,920 or more |
$0 |
Spouse Contributions – contribute $3,000 to your spouse’s super and receive up to 18% rebate if spouse income is less than $10,800. Sliding scale for rebate to maximum income of $13,800.
Super Splitting – Superannuation contributions splitting means that you can split certain superannuation contributions made during a financial year to your spouse’s superannuation account. It is a way for your spouse to accumulate their own superannuation, even if they have a low income or they are not working.
Super Portability – Gives you the opportunity to move some or all of your accumulated super into a different fund of your choice. It allows you to consolidate your superannuation benefits in one account or diversify your superannuation portfolio.
Superannuation Guarantee Contributions – 9% compulsory super contributions for staff and/or eligible contractors need to be paid within 28 days after the financial quarter.
