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NEWS
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arrow 2009 Federal Budget - Superannuation changes

arrow Magazine - October 2009 - Update for members

 

Annual Account Statements for 2009-2010
Members' annual account statements will be mailed in September, once the Fund has completed its annual accounts and declared and applied final investment return rates. Members who want an estimate of their account balance in the meantime can do so by accessing their account through firstonline or by contacting our Call Centre on 1300 360 988 to request a Benefit Quote.

 

Watch out for excess contributions - penalty taxes apply
The Government has capped the amount of ‘concessional contributions’ you can make to your super.  ‘Concessional contributions’ include employer contributions and salary sacrifice contributions.  Contributions above the set caps will attract 31.5% penalty tax.

For 2010-11 the caps are:
Members under 50 years at 30/06/11: $25,000
Members 50 years and over at 30/06/11: $50,000

If your contributions for 2010/11 are close to these caps, you may consider suspending your salary sacrifice arrangement for June to stay under the cap.

Penalty tax also applies to personal contributions that are above set caps:
Members under 65 years of age: $150,000 p.a. or $450,000 over 3 years.
Members 65 – 74 years: a work test applies; then the cap applies

Call First Super’s Financial Planner on 1300 360 988 for more information.

 

 


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