Change your Salary Sacrifice Today

As of 1 July 2017 the concessional contributions cap is reducing to $25,000 for everyone irrespective of age. If you have a salary sacrifice arrangement in place, you will probably need to adjust it down. Most payroll departments need several weeks notice to make any change, therefore why not do it today?

The concessional contributions cap measures your 9.5% SGC and your salary sacrifice amounts combined. If you go over the cap there will be excess tax to pay, so try to avoid this if at all possible.

A little known catch is that if you have an employer superfund which includes “free” insurance, the value of the premiums paid for the policy is generally also included in your cap. Your salary sacrifice amount may need to be further reduced to take these premiums into account. However, unfortunately the $ value of the premiums paid can be hard to ascertain in advance.

If you need assistance please get in touch.

Lindsay 0413 952 180

30 Days to Financial Wellness

As we well know, without a plan, the financial goals we aspire to probably won’t materialise.

With no structure in place, 10 years down the track, you may feel no better off than you are now, and wonder where your money went. However, sometimes knowing where to start is a stumbling block.

So to start you on your journey, here is a 30 day plan . Full of hints, tips and links to great articles to get you started.

When you get to day 27 give me a call !

Lindsay

Updates & Deadlines

A few reminders and pointers for you as we race towards June ..

  1. All our clients will shortly be receiving an offer to take up our optional ATO audit insurance offer for 2017/18. Remember the ATO can audit returns many years after they are lodged & (unlike normal law) you are deemed guilty until you can prove otherwise.  Our policy even covers you for returns prepared by a different agent. Note the new way of paying the premium this year – direct to the insurers, not via me.
  2. The current newsletter can be accessed in the normal manner here. Don’t forget to check the website for updates regularly. This month looks at deductions for work clothing and further details about the $1.6m super balance cap.
  3. Finally, the deadline for 2016 returns is only 6 weeks away. So if you are still to submit your paperwork, please do so soon. Note it’s first come, first served and I am away for a week in May, horse-riding through the Kimberly so won’t be working then!

Lindsay