Brisbane's Accounting & SMSF Specialists

Superannuation

superannuation

SUPER CHANGES – FROM 1 JULY, 2017 – RECOMMENDED ACTION!!

SUPER CHANGES – FROM 1 JULY, 2017 – RECOMMENDED ACTION!!

Superannuation
The end of financial year is fast approaching and we take this opportunity to advise you of the biggest changes in Superannuation in the last decade. From 1 July, 2017, the following changes to the superannuation system will become law: $100,000 annual cap on non-concessional contributions. The bring-forward option is still available for members under 65 years of age (effectively enables contributions of $300,000 over a three year period). Concessional contributions limit for everyone reduced to $25,000. Non-concessional contributions restricted to those with less than $1.6m in superannuation. If your combined super balances are more than $1.6 million, you cannot make any further contributions. Amounts held in pension accounts will be limited to $1.6m with excess balances ...
Accessing your Super

Accessing your Super

Superannuation
When can I access my Super?  This is probably one of the top 5 questions that people ask when they think about their Superannuation account. In simple terms, you can only access your superannuation balance if you meet a condition of release.  The main condition of release is attaining age 65.  However, if you are under 65 years of age, this does not mean that you cannot access your Super.  It just means that strict conditions apply. You can generally access your super money if you satisfy the following conditions: Attaining age 65. Reaching your Preservation Age and ceasing employment. Preservation age is 55 for those born before 1 July, 1960. For those born after 1 July, 1960 and before 1 July, 1964, preservation age can be 55, 56, 57, 58 or 59 depending on your