Are you aware that there are changes to concessional (pre-tax) contributions cap

From 1 July 2018, you will be able to ‘carry-forward’ any unused concessional contributions cap.  This mans you will be able to access your unused concessional contributions cap on a rolling basis for five years. Amounts carried forward that have not been used after five years will expire. At present this means that $25000 is the limit in the 2017-2018 year .

If you meet certain conditions and don’t contribute the full amount then you may roll forward the un-used contribution. The first financial year in which you can access unused concessional contributions is 2019–20. You will only be able to carry-forward your unused concessional contributions cap if your total superannuation balance at the end of 30 June of the previous financial year is less than $500,000.

We are holding a seminar early May 2017 to explain this and other changes . Please contact us if you would like to join us.

About Geoff Gartly

Geoff has been assisting businesses with their taxation and business affairs for many years. His practical advice has assisted his clients to grow their businesses and plan their financial future. To contact Geoff please call 039597 9966