The catch-up super contribution rules are in play and may be a useful way to smash more tax deductible contributions into super.…what does this mean for you?!

You can now potentially make additional contributions as a catch-up on unused concessional cap amounts from previous years!!!

three Surprised cats

For example, your concessional contribution cap was $25,000 last year and if your total concessional contributions (including any super guarantee or salary sacrifice payments from your employer) was only $15,000, you may be eligible to use your previous year’s excess amount (e.g. $10,000) as part of this financial year in addition to this year’s cap of $25,000. That’s potentially a $35,000 tax deductible contribution this year.

To be eligible your total super balance at the end of the previous financial year must be less than $500,000. We can access this information and your carry forward unused contribution amounts instantly via the ATO portal (and you may also be able to via My Gov).

You’ll have to be quick! Super contributions need to be received by your fund on or before the 30th June to be included as part of this financial year. But please note, you may still be eligible to catch up in later financial years also.

If you’re unsure about your total super balance, concessional caps or whether or not you have any unused cap amounts from previous years, please feel free to give us a call.

The Halletts Team

 

 

As part of the 2021/2022 Budget announcements, the government has confirmed the halved minimum pension drawdown rates will be extended for the next financial year.

The below table outlines the temporary minimum pension % you may be eligible for (note the relevant age is based on your age as at 1 July 2021):

Table showing minimum pension by age bracket

You may have already made changes to your superannuation pension last financial year, however as circumstances change – grandkids to spoil/travel (to Queanbeyan) – you may want to review the level of pension, keeping in mind you can choose to draw more (in many cases, much more) than the minimum.


Please feel free to contact us if you have any questions.


The Halletts Team

Older man with Superman robe and cane holding

This year, Halletts is proud to be supporting the 2020 Christmas Appeal of Communities at Work.

This is a small selection of the goodies that our staff have donated to go under the Christmas tree!

Christmas tree with presents underneath