Boutique Wealth Management can assist with a wide range of our clients financial needs to include:
- Wealth Creation
- Investments in Shares and Managed Funds
- Property
- Buying / Selling
- Property Management
- Lending and Financing
- Insurance
- Personal Risk Insurance
- General Insurances
- Superannuation
- Accounting and Tax
- Estate Planning
Please click here to send us an query and we will forward your query onto the relevant person and come back to you with an answer.
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Question: Superannuation Contributions
Hello,
I am aware that last weeks budget reduced the amount that I am able contribute to super as an employee to $25,000. Is there any way around this restriction?
Kind Regards,
******
Answer: Superannuation Contributions
Hi ******
In short the answer is yes, you may be able increase the amount that you contribute to super.
Employees can generally make two types of contributions into super:
- Concessional
- Non-Concessional
Concessional contributions are those whereby a tax deduction is claimed for the contribution. You are right in saying that compulsory contributions that your employer makes on your behalf plus any salary sacrifice contribution you make is limited to $25,000 (from 2009/2010 onwards)
You are however, able to also make $150,000 pa in non-concessional contributions which is essentially “after tax dollars” whereby no tax deduction is claimed as the cash enters the fund.
We hope this assists you.
Regards,
Superannuation Department
Boutique Wealth Management
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