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THE BUDGET REPAIR LEVY MAKES TOPPING UP SUPERANNUATION MORE ATTRACTIVE

    Home post_news THE BUDGET REPAIR LEVY MAKES TOPPING UP SUPERANNUATION MORE ATTRACTIVE
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    THE BUDGET REPAIR LEVY MAKES TOPPING UP SUPERANNUATION MORE ATTRACTIVE

    By admin | | 0 comment | 1 July, 2015 |

    THE BUDGET REPAIR LEVY MAKES TOPPING UP SUPERANNUATION  MORE ATTRACTIVEtop up super small

    The three year “temporary” repair levy kicks in for the 2014/15 year and will continue on for two financial year’s after that.  The budget repair levy affects anyone on a taxable income over $180,000.00 making the effective marginal tax rate 49% (including Medicare).

    This means that for the out of pocket expense of salary sacrificing could be as low as 51cents in the $1. The concessional superannuation caps for the 2015/16 year based on a person’s age are as follows:

    * age 50 and over on 30 June 2015:  $35,000 contribution cap

    * age 49 and under on 30 June 2015: $30,000 contribution cap

    Note that employer super guarantee contributions and salary sacrifice contributions are included in these caps.  And don’t forget that salary sacrifice employer contributions must be an arrangement made in advance of receiving the income so NOW is a good time to get a plan in place for the 2015/16 year.

     

    Liz Gibbs

    Liz Gibbs

    SMSF Manager – OPTIMA PARTNERS

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    Optima Partners is an energetic and innovative accounting, taxation and business advisory firm with offices in Osborne Park, Guildford and Fremantle.

    To discover how we help businesses across Perth please drop us a line today.

    Tel: (08) 6267 2200

    Email: reception@optimapartners.com.au

    Osborne Park Office

    Suite 3, 128 Main Street,
    Osborne Park,
    WA 6017

    Office Hours:
    Weekdays 8:00am – 5:00pm

    Postal Address

    Locked Bag 5000,
    Osborne Park,
    WA 6917

    Guildford Office

    143 James Street,
    Guildford,
    WA 6055

    Office Hours:
    Weekdays 8:30am – 5:00pm

    Fremantle Office

    Level 1, 72 Marine Terrace,
    Fremantle,
    WA 6160

    Please call for appointment

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