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Annual
Account Statements for 2010-2011
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 salary sacrifice
and employer contributions. Contributions
above the cap attract a 31.5% penalty
tax.
The Government intends to increase
the concessional contribution cap in
line with average weekly ordinary time
earnings, but only in increments of
$5,000 (rounded down) so that the cap
is unlikely to increase every year.
The new indexed amount is generally
available each February.
The cap for 2011-12 is $25,000 for
people under 50 years of age.
The cap
for 2011- 12 for people 50 years or
over is $50,000.
The $50,000 cap was introduced as
a transitional measure to phase out
at the end of 2012, however the government
now intends to maintain it for people
aged 50 providing they have total superannuation
of $500,000 or less. Under this proposal
people with more than $500,000 in superannuation
will have a concessional contribution
cap of $25,000 regardless of age.
If
your contributions for 2011 - 2012
are close to the cap you may consider
suspending your salary sacrifice arrangements
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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