Tick the boxes ahead of EOFY to-do list

Some items constitute financial advice so require licensing or need closer analysis to ascertain applicability.

1. Check that concessional contributions have not breached the $27,500 limit unless they can be included within an unused concessional contributions allowance dating from 1 July 2018. This option requires a total super balance, at 30 June 2022, of less than $500k. Note that contributions need to be physically received by the super fund by the 30 June to be counted in this year.

2. If this is a year of unusually high taxable income a double contribution strategy might be considered. This can allow an additional $27,500 to be contributed in June for allocation to the member account in July. Be cautious as this strategy will utilise all of next year’s contribution limit.

3. Non-concessional contributions can be made provided the member’s total super balance as at 30 June 2021 was less than $1.7 million (in all funds). The standard limit is $110k but the 3 year bring forward provision may be activated (subject to the total super balance at 30 June 2022) if it has not already been triggered in the last 2 years, allowing a contribution of $330k (TSB<$1.48m), $220K (TSB is $1.48m to <1.59m), $110k (TSB is $1.59m to $<$1.7m). Note that the total super balance limits will be increased by $200,000 when this test is applied next year.

4. If the total super balance is in excess of what is required, it might be lowered by lodging a TBEN that reflects the net value of the assets held. (Typically, the total super value of real estate can be reduced by 5 per cent representing selling costs including commission.)

5. Note: