Tax Time: Your Superannuation
Aspen Corporate • 23 June 2019
Your Superannuation
Not making your full superannuation contribution? Now you can catch up
This year is the first year of new measures that enable people who have been out of the work force, like new Mums, to top up their superannuation.
If you have:
- A total superannuation balance below $500,000 as at 30 June; and
- Not utilised your entire concessional contributions cap ($25,000) for the year
then you can 'carry forward' the unused amount on a rolling 5 year basis.
For example, if your total concessional contributions in the 2018-19 financial year were $10,000 and you meet the eligibility criteria, then you can carry forward the unused $15,000 over the next 5 years. You may then be able to make a higher deductible personal contribution in a later financial year. If you are selling an asset and likely to make a taxable capital gain, a higher deductible personal contribution may assist in reducing your tax liability in the year of sale.
Remember:
- Your total superannuation balance must be below $500,000 as at 30 June of the prior year before you utilise any carried forward amount (within the 5 year term); and
- In some cases, an additional 15% tax can apply (30% total) to concessional contributions made to super where income and concessional contributions exceeds certain thresholds ($250,000 in 2018-19). Your income could be higher than usual in the year when you sell an asset for a capital gain.
Many businesses hold critical data that poses significant risk to businesses and their customers if the data they hold is not safeguarded from cybersecurity threats.
A new Bill before Parliament – the Treasury Laws Amendment Bill 2025 – proposes changes that could affect small businesses, listed companies, and not-for-profits.
In Wannberg v Commissioner of Taxation , the Administrative Review Tribunal (ART) upheld the ATO’s decision to deny nearly $100,000 in medical deductions.
But if your super is nudging that level, or if you’re clearly over, the Treasurer’s latest announcement could change how you think about super’s generous tax breaks.
Accessing superannuation funds for medical treatment or financial hardship
The Federal Government had a consultation process on supermarket unit pricing. This is not only a consumer issue, but it could have commercial impacts for suppliers
