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0421665620
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Level 1, Big B Arcade
50 James Street
BURLEIGH HEADS, QLD
Australia
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Times are flexible when required

  • Consider tax effective superannuation contributions

    25 June at 10:31 from atlas

    If you are working full time or close to it, it is quite likely that you are on a marginal tax rate of 32.5% or higher. That means there are tax savings to be made from contributing to Super.

    The concessional contributions caps (or max you can contribute and take a deduction) for the 2013-14 financial year is $25,000 if you're under 60 and $35,000 if you're aged 60 or over. Concessional contributions include any contributions made by your employer, salary-sacrificed amounts and personal contributions claimed as a tax deduction by self-employed or substantially self-employed persons.

    If you're making extra contributions to your super and breach the concessional cap, the excess contributions over the cap will be taxed at your marginal tax rate, although you can have the excess contribution refunded from your super fund.

    High-income earners also need to be aware that the contributions tax on concessional contributions is effectively doubled from the normal 15 per cent rate to 30 per cent if their combined income plus concessional contributions exceeds $300,000.

    Super might be right for you...if you are going to take advantage amounts need to paid to your superfund prior to 30 June.

    Please consider getting advice for your personal situation as this information is only general information.