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End of 2017 Financial Year tips

Current Affairs, Retirement Planning, Wealth Accumulation

No matter what your situation, age or income, a little bit of End of Financial Year planning can go a long way. It can help you:

  • boost your retirement savings
  • maximise your Government entitlements, and
  • minimise your tax liabilities.

We can sit down with you and look at the best strategies to see which suits you best. The following strategies are worth investigating. 

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Note: To use strategies in relation to super contributions, you generally need to be eligible to make super contributions. Furthermore, you won’t be able to access your super until you satisfy a condition of release.
^ Includes assessable income, reportable fringe benefits and reportable employer super contributions. Other eligibility conditions apply.
Super strategies should be in consideration of concessional and non-concessional caps.
 

Super Contribution Caps for the 2017 Financial Year

CONCESSIONAL CONTRIBUTIONS CAP

 

Income Year Amount of cap
2016-2017 $30,000/$35,000^

 

^ Higher cap applies for clients aged 49 or over at 30 June 2016.
From 01 July 2017 the caps for making concessional contributions to Superannuation have been reduced to a flat $25,000 p.a.
 

NON CONCESSIONAL CONTRIBUTIONS CAP

 

Income Year Amount of cap
2016-2017 $180,000/$540,000^
2017-2018 $100,000/$300,000*

 

^ People under age 65 at any time in the financial year may effectively bring-forward two years’ worth of non-concessional contributions allowing them to contribute $540,000 at any time over a three year period without exceeding the cap. Note: If a person has invoked the “Bring Forward” rule in a particular FY, their non-concessional cap will remain at three times the cap in the first year.
*From next financial year the non-concessional contribution caps will be reduced. Transitional arrangements apply so it is important to seek advice to ensure you do not breech these caps
 

Annual Pension Drawdown Limits for 2016-2017 FY

 

Age Drawdown %
Under 65 4%
65-74 5%
75-79 6%
80-84 7%
85-89 9%
90-94 11%
95 and over 14%

 

 

"GOOD FORTUNE NEEDS GREAT PLANNING"

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GENERAL DISCLAIMER:

The content of this presentation is intended to be general information only and has been prepared without taking into account any person’s objectives, financial situation or needs. Each person should consider its appropriateness having regard to these matters or obtain relevant professional financial advice before making any financial decisions.  Examples are illustrative only. Each person should obtain any relevant professional financial, taxation and social security advice before making any financial decisions.


 

Tagged: Current Affairs, Retirement Planning, Wealth Accumulation