A 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 firstname.lastname@example.org.