20 Dec 2016
New rules on Non-Concessional Contributions: Superannuation Reform
- Posted by Dejan Pekic BCom DipFP CFP GAICD
As the year comes to an end we just wanted to remind you that from 1 July 2017 the non-concessional (after tax) contribution limit reduces from $180,000 year to $100,000 per financial year and the 3 year bring forward provision will also reduce from $540,000 to $300,000.
Further, you will only be permitted to use the bring forward provision to make non-concessional (after tax) contributions into superannuation that would bring the superannuation balance to $1.6 million which will be determined by the total accumulated superannuation and pension balances on the 30 June prior to the start of the following financial year.
| For example, if existing balance in super and penson at 30 June 2017 |
|
Maximum non-concessional contribution including bring forward for 2017/2018 |
| Less than $1.4 million |
|
$300,000 |
| $1.4 million to $1.5 million |
|
$200,000 |
| $1.5 million to $1.6 million |
|
$100,000 |
| Greater than $1.6 million |
|
Nil |
This means that right now you (if under age 65) can still make a $180,000 non-concessional (after tax) contribution into superannuation or trigger the 3 year bring forward provision and contribute up to the maximum $540,000 into superannuation this financial year.
Conditions apply.
WARNING, these comments do not constitute Personal Advice.
16 Dec 2016
Friday Tidbit: 2016 US Presidential Election
- Posted by Dejan Pekic BCom DipFP CFP GAICD
This technical point caught us by complete surprise.
Under the Constitution of the United States of America, the US Electoral College can prevent a candidate from becoming President if 37 of the 538 members vote in opposition.
Specifically, if 37 of the 306 US Electoral College electors decided not to vote in line with the Republican Party on Monday 19th December 2017, no candidate will have the absolute majority required to be President and the House of Representatives will choose the next President from the three candidates with most US Electoral College votes.
Now that is a Friday Tidbit.
9 Dec 2016
Estate Planning: Tax Implications
- Posted by Dejan Pekic BCom DipFP CFP GAICD
Do you have a Family Succession Strategy?
If not why not?
Over the next three decades 40% or US$16 trillion of the wealth currently held by the Worlds Ultra High Net Worth (individuals with wealth in excess of US$30m) is set to transfer to the next generation.
That is a lot of tax and unfortunately we cannot all be Ultra High Net Worth individual but you can limit the amount tax to be paid if you have the right structures in place.
Using entities such as companies, discretionary trust, hybrid trusts and superannuation are all part of the solution mix but previous prior planning is key which means advice is needed on putting it all together and that’s were we can help.
1 Dec 2016
Newealth FSG & CG (December 2016)
- Posted by Dejan Pekic BCom DipFP CFP GAICD
We have updated our Financial Services Guide and Credit Guide and are pleased to announce that both the Initial Advice fee and the Ongoing Advice fee have not increased.
For more details, click ‘Newealth FSG & CG’ or alternatively go to the FINANCIAL SERVICES GUIDE & CREDIT GUIDE link at bottom of the page.
