It is always an advantage to plan ahead and make sure you have checked on the following before 30 June 2015:
- If you have opted for the salary sacrificing scheme into super, make sure you have not breached the $25,000 employer contributions limit (or $35,000, if you are over 60 years old)
- If you are receiving your pension from a super fund, don’t forget to ensure the minimum pension amount is withdrawn by 30 June 2015. If not, the pension will be treated as lump sum withdrawals, resulting in the ineligibility for the pension tax exemption on the income derived within the super fund.
It is important to note that the 30 June 2015 falls on a Tuesday. So please ensure that your super contributions are made by Friday 26 June 2015, or earlier, to allow the contributions reaching the fund by 30 June. We propose that you should not rely on internet transactions made on Tuesday 30 June 2015 as it is likely that it will be dated 1 July 2015 as a transaction receipt by the fund.
Super planning