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The
Lesser Known Tax Advantages of Exceeding the Concessional
Contribution Limits in Self Managed
Superannuation
With the Federal Labor Government
halving Concessional Contributions limits for Superannuation in
2009/10, many Australians have found themselves receiving excess
contribution tax bills for unintentionally exceeding these reduced
limits. It is understandable that these people may feel hard done
by with this situation as saving for retirement has effectively
become more difficult. To make matters worse, this has come at a
time where we have entered a lower return environment than many
Australians became accustomed to in the pre-GFC
period.
At Bailey Capital Management we have
developed a strategy for our high income earning clients to use
their Self Managed Super Fund to purposefully exceed the
Conces-sional Contribution limits. Why? In order to gain a
substantial tax advantage; whilst maintaining their ability to save
as much as they can for retirement on a concessional basis. This is
obviously a strategy that is of interest to Accountants as it
concerns SMSFs and the improvement of the client’s overall tax
position.
To download a full copy of the 2 page
PDF article "The Lesser Known Tax Advantages of Exceeding the
Concessional Limits in Self Managed Super" please
click here.
For more information about this
strategy or Bailey Capital Management’s services please contact
Evan Bailey on 8212 5550.
The information in this document is
not personal advice and is general in nature. People should always
seek professional advice with regards to their personal financial
situation to ensure strategies are appropriate for them. Failure to
do so may result in financial loss and unintended
consequences.
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