DFK Benjamin King Money

By Daniel Shaw From 1 July 2023, the thresholds in which a superannuation member can make non-concessional (after tax) contributions have been increased due to indexation. Members who are under 75 with a total superannuation balance (TSB) below $1.9m, can make a non-concessional contribution into their superannuation fund up to the annual cap of $110,000, provided they are not currently in a bring forward arrangement which may change this cap. A bring forward arrangement allows a member to bring forward…

At the start of the COVID-19 pandemic, Treasury enacted changes to the annual minimum drawdown requirements for those members in receipt of superannuation pensions. The changes were that the annual minimum drawdown required was temporarily halved for the 30 June 2021, 30 June 2022 and 30 June 2023 financial years. The below figures are the annual minimum percentages required to be drawn for account-based pensions for the 30 June 2024 financial year: Age of Member Percentage Factor Under 65 4%…

As we draw closer to 30 June 2023 it is important to consider tax planning strategies as well as other administrative duties for your money in superannuation. Contributions Concessional Contributions Concessional contributions cap for the 2023 FY is $27,500 and the deposits must be received into the Super Fund prior to 30 June 2023. When making a member concessional (deductible) contribution, you must give your notice of intent to claim the deduction to your Super Fund before the earlier of…