Time to Check Your Super Contributions!

By Jason Fittler

May, is the time to make sure you have made all of your super contributions for the year.

Do not wait for June; superannuation is more important than a fading thought before the sunset of another financial year.

Act now, organize this week and know you’re ahead of the pack.

Things to do;

1. If under 50 make sure you have contributed $25,000 into your superannuation.

2. Over 50 make sure you have contributed $50,000 into your superannuation.

3. Low income earner?  Make the $1000 contribution to your super and wait for the government to put in their $1500. 150% return in a couple of months.

4. Sold a business in 09/10 financial year?  Make sure you take advantage of the small business rollover relief and put some of the profit into super and pay not tax on the sale of the business.

5. Sold property or have extra cash?  Make sure you make a non-concessional contribution of up to $150,000 into super. If you have more cash, do not forget that on the first of July you can make up to another $450,000.

6. If you turned 50 in 2010 think about increasing your concessional contribution to $50,000 in the next financial year.

7. Is it time to start a Transition To Retirement (TTR) pension or an account based pension? Tax free income is as good as it gets.

All of the above contributions depend on your situation so before acting on any of the above make sure you get our professional advice first.

Now if you are thinking, I will get to that next week, stop right there, pick up the phone and make an appointment to see us today. (Ph: (07) 4771 4577)

Do not call me on the 30 of June, unless you are planning for the 10/11 financial year superannuation.