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Warning On Superannuation Contributions

The 2016-17 Federal Budget announcements on superannuation contributions have caused a lot of concern. These include:

  • A $500,000 lifetime non-concessional contributions cap from Budget night
  • A reduction in concessional contribution cap from 1 July 2017
  • The removal of the tax exemption on earnings supporting transition to retirement income streams (TRIS) from 1 July 2017
  • The extension of the 30% super contributions tax on high income earners
  • Tax free super balances capped at $1.6m from 1 July 2017

 

Many clients have asked, what should we be doing?

The main area to be mindful of is the $500,000 lifetime cap on non-concessional contributions as what you do now, may have a lasting and potentially detrimental impact.
Under the current rules, you can use the ‘bring forward rule’ and contribute up to $540,000 across a 3 year period to your super fund. Anyone utilising these rules in the current year may find that the proposed rules, if they come into effect, will radically change their position.
It’s really important that anyone contemplating making a large contribution to super or utilising the bring forward rule, get advice first.

 

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Reshika Kumar

Administration Officer

With her kind, caring and approachable nature, Reshika never fails to provide a positive, welcoming experience for our clients, assisting them as they walk in our door or call our office. She understands the power of customer service and is always willing to lend a hand.

With her fun and relaxed personality, Reshika is incredibly creative, especially when it comes to finding solutions for evolving challenges, from financial matters to marketing requirements and beyond. Holding a Masters of Business Administration with a major in Marketing and significant experience in the banking industry, Reshika has a unique combination of skills which makes her a real asset to Fortis.

Reshika is motivated to reach new heights, take risks and develop her career by working alongside Bernadette, our Client Administration Manager, and having the opportunity to learn new things such as new platforms and procedures.

Reshika is passionate about fitness and does not miss an opportunity to take advantage of the gym. Despite Reshika’s relaxed personality it all goes out the door when card or board games are involved!