New super rules a nightmare for the unwary

Individuals thinking about making personal contributions to their super fund need to be mindful of the rules and their super fund level of support and advice.

Before making personal contributions to your super fund before June 30 2018, seek advice from your accountant or financial adviser as getting it wrong could cost you thousands of dollars in terms of lost tax deductions.

Self-employed people and small businesses know only too well how complex and unfair the system can be if you get your personal contribution wrong.

To make changes to contributions in the super fund can cost a lot of time and money with professional fees to correct your original contribution.

Strict time limits also apply in terms of submitting the correct paperwork when submitting your 2018 tax return.

Talk to your local TaxAssist Accountant if you are thinking of making a personal contribution and make sure you have the correct paperwork and classifications in place for your contribution to be classed as concessional.

Individuals can make a personal contribution to take their annual super concessional contribution (taxed at 15%) up to $25,000, including their employer contribution (employer + personal contribution = $25,000 concessional limit per year from 1 July 2017.

Date published 4 Apr 2018

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.