Sentences with phrase «non-concessional contributions cap»
From 1 July 2017, the non-concessional contributions cap is reduced to $ 100,000 for members 65 or over but under 75.
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Transitional arrangements apply to individuals who brought forward their non-concessional contributions cap in the 2015 — 16 or 2016 — 17 financial years.
From 1 July 2017, the non-concessional contributions cap amount that you can bring forward and whether you have a two or three year bring forward period will depend on your total superannuation balance.
greater than two times the general non-concessional contributions cap for the first year — the amount is three times the general non-concessional contributions cap over a three year period.
between one and two times the general non-concessional contributions cap for the first year — the amount is twice the general non-concessional contributions cap over a two year period
If you are under 65, you may be able to make non-concessional contributions of up to three times the annual non-concessional contributions cap in a single year.
Similarly, from 1 July 2017, the annual non-concessional contributions cap will be reduced from $ 180,000 to $ 100,000 per year and will be indexed in line with the concessional contributions cap.
You may be entitled to a two or three - year bring - forward period for your non-concessional contributions cap based on your total superannuation balance.
the contribution you made to your super fund must not exceed your non-concessional contributions cap for that year.
Silpa's New Zealand - sourced savings, and the balance of her Australian - sourced savings, are subject to the non-concessional contributions cap since they were not previously counted against them.
If you're moving back to Australia, you need to provide a statement to your Australian super fund showing which components of your savings (Australian or New Zealand) were previously counted toward the Australian non-concessional contributions cap.
If you don't provide this statement, all your savings will be counted towards the non-concessional contributions cap and you may have to pay excess contributions tax.
They will therefore be subject to the non-concessional contributions cap.
These contributions are also called «non-concessional» as they usually count towards your non-concessional contributions cap.
A tax of 46.5 % on your non-concessional contributions made to your super fund in a financial year, which are more than your non-concessional contributions cap.
If you made non-concessional contributions to your super in excess of the $ 1 million transitional non-concessional contributions cap between 10 May and 6 December 2006 inclusive, you could request a transitional release authority from us to withdraw the amount of the excess non-concessional contributions made in this period so you did not have to pay excess contributions tax on that amount.
The amount transferred will count towards either your concessional or non-concessional contributions cap depending on how it is treated.
In the 2006 - 07 financial year, these amounts are transitional non-concessional contributions and count towards the $ 1 million transitional non-concessional contributions cap.
An assessment we make if you have exceeded either (or in some cases, both) your concessional contributions cap or your non-concessional contributions cap for a financial year.
We assume that contributions made to super are limited to your applicable concessional and non-concessional contribution caps.
Not exact matches
You may be able to contribute non-concessional contributions over two or three financial years without exceeding your cap.
over the general transfer balance cap (ie over $ 1.6 million) they won't be able to make any further non-concessional contributions in the financial year; and,
Your downsizer contribution is not a non-concessional contribution and will not count towards your contributions caps.
Any non-concessional contributions you make in 2017 — 18 will be in excess of your cap.
It also affects their ability to make non-concessional contributions, including being able to access the bring - forward rules and it determines whether they can make extra unused concessional contributions after 1 July 2019, by carrying forward their unused concessional contributions cap.
Should your projected total superannuation balance exceed the projected Transfer Balance Cap (see below) at any year in the projection, your projected non-concessional contributions will be restricted to zero for that year.
The cap for non-concessional contributions is $ 100,000 per financial year.
If an individual has made a non-concessional contribution in the 2015 - 16 or 2016 - 17 financial years and that triggers the bring forward, but has not fully used their bring forward before 1 July 2017, transitional arrangements will apply so that the amount of bring forward available will reflect the reduced annual contribution caps.
Effective1 July 2017, the government reduced the annual non-concessional (after tax) contribution cap from $ 180,000 to $ 100,000 for the 2017 - 18 and future financial years.
Individuals with a total superannuation balance greater than or equal to the general transfer balance cap ($ 1.6 million for the 2017 - 18 financial year) at the end of 30 June of the previous financial year, and makes non-concessional contributions, will have excess non-concessional contributions.
any amount that your member gives you a valid election to exclude from their non-concessional contributions because it qualifies for their super capital gains tax (CGT) cap
For the 2014 — 15, 2015 — 16 and 2016 — 17 financial years non-concessional contributions are subject to a yearly cap of $ 180,000 for members 65 or over but under 75 or $ 540,000 over a three - year period for members under 65If a member's non-concessional contributions exceed the cap, from 1 July 2017 a tax of 47 % is levied on the excess contributions.