EXCESS CONCESSIONAL CONTRIBUTIONS

Image result for contribution picturesA reminder to those members who may not be aware that the Superannuation Concessional Contributions Cap for the 2017/18 financial year and onwards, was reduced by the Government from $35K to $25K pa.

OK – What does this mean for me ??

If your total Employer Contributions each financial year are less than $25K (this includes SGC, Salary Sacrifice, Insurance costs paid by the Employer) – then ignore this – it does not apply to you.

HOWEVER, if you are approaching this amount you may have received a letter from AMP as a warning that your may exceed the Concessional Cap ($25K).

If you exceed the Concessional Cap you will be liable for Excess Contributions Tax by the Australian Taxation Office.

Any queries ? – Need more information ? –  or like to make an appointment ? –

give Sandy a call on 08 9321 2222

or email John on jwadmin@ampfp,com.au;

or email Vicki on vicki.day@ampfp.com.au.

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