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• nIndividuals who wish to take advantage of thenconcessionally taxed superannuation environment should keep track of theirncontributions.
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• nIndividuals with salary sacrifice superannuationnarrangements may want to have early discussions with their employers to help ensurencontributions are allocated to the correct financial year.
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• nIndividuals earning above $300,000 are subjectnto an additional 15{256a07afe6cf75b7e23500f37551d0affdf8bab65b8226b57f0b6b9aa6c8fc70} tax on concessional contributions. However, despite thenextra 15{256a07afe6cf75b7e23500f37551d0affdf8bab65b8226b57f0b6b9aa6c8fc70} tax, there is still an effective tax concession of 15{256a07afe6cf75b7e23500f37551d0affdf8bab65b8226b57f0b6b9aa6c8fc70} (ie the topnmarginal rate less 30{256a07afe6cf75b7e23500f37551d0affdf8bab65b8226b57f0b6b9aa6c8fc70}) on their contributions up to the relevant cap.
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• nSelf managed super funds (SMSFs) have beennreminded that if they have investments in collectables or personal-use assetsnthat were acquired before 1 July 2011, time is running out to ensure theynmeet the requirements of the superannuation law for these assets.
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Important: Clients should not act solely on the basis of the material contained in Update. Items herein are general comments only and do not constitute or convey advice per se. Also, changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of the areas. This update is issued as a helpful guide to clients and for their private information.