How you could be contributing
more to super
Building your superannuation is becoming more and more
important as retirement and lifestyle expectations change,
and as access to the Government age pension becomes more
limited.
Fortunately, there are also more ways than ever to benefit
from super, even before your retire. Your Count Adviser
will be able to walk you through the right options and
opportunities for your retirement and goals.
Super contributions fall into
two groups:
 |
Concessional contributions are before-tax contributions paid by employers, this includes superannuation
guarantee and salary sacrifice contributions, as well
as personal concessional contributions made by those
who are eligible. |
|
Non-concessional contributions are personal, after-tax contributions. |
| Concessional
(before-tax) contributions |
| Superannuation guarantee (SG) contributions
Legislation generally requires that your employer
contributes 9% of your salary into super. |
15% provision for tax is deducted from concessional
contributions when allocated to your account
31.5% additional tax on contributions if member’s
TFN is not held by the fund.
31.5% additional tax on contributions in excess of
the cap. |
$50,000 if less than age 50 years old
$100,000 if 50 years old or more (ends 30 June 2012)
Maximum earnings base limit for each quarter in the
2007–08 financial year is $36,470. |
SG contributions cease at age 70. |
| Mandated contributions Compulsory employer contributions made under an
industrial award or certified agreement |
See above |
$50,000 if less than age 50 years old
$100,000 if 50 years old or more (ends 30 June 2012) |
|
Additional employer contributions
Voluntary contributions above compulsory requirements |
See above |
See above |
Subject to work test from age 65 and ceases at age
75. |
| Salary sacrifice contributions
Contributions made by entering an arrangement with
your employer where you agree to reduce your future
gross salary and replace it with employer contributions
to your super |
See above |
See above |
Subject to work test from age 65 and ceases at age
75.
Not all employers offer salary sacrifice – ask
your employer if it is available |
| Self-employed contributions (personal concessional
contributions)
Contributions made by self employed persons for
which a tax deduction is claimed |
See above |
See above |
Subject to work test
Tax deductions can only be claimed if less than 10%
of your assessable income and reportable fringe benefits
are attributable to your employment as an employee.
Subject to work test from age 65 and ceases at age
75. |
| Non-concessional
(after-tax) contributions |
Personal after tax contributions
Regular and/or one-off contributions made from after-tax
income
|
No tax is deducted from after tax contributions when
allocated to your account
46.5% additional tax on after tax contributions in
excess of the cap |
$450,000 over a 3-year period if less than age 65
years old
$150,000 per financial year if 65 years old or more. |
After tax contributions cannot be accepted if the
Fund does not hold your TFN
Subject to work test from age 65 and ceases at age
75. |
Spouse contributions
Contributions made from after tax income made into
an account for your spouse
|
No tax is deducted from after tax contributions when
allocated to your spouse’s account
46.5% additional tax on after tax contributions for
your spouse in excess of the cap |
$450,000 over a 3-year period if less than age 65
years old
$150,000 per financial year if 65 years old or more. |
If your spouse is between the age of 65 and 69, super
funds can only accept contributions if your spouse
has worked at least 40 hours in a period of not more
than 30 consecutive days in the financial year to which
the contributions are made. Once your spouse reaches
age 70, you cannot make spouse contributions |
Government co-contributions
Contributions by the Federal Government to match personal
after-tax contributions |
No tax is deducted from a Government co-contribution. |
Excluded |
Subject to co-contribution eligibility criteria.
Ask your Count adviser for more information and to
check your eligibility. |
 |
As at
9 April, 2008 |
