Save
How to maximise the amount in your super before the new 30 June 2017 tax rules are implemented
Save
How to maximise the amount in your super before the new 30 June 2017 tax rules are implemented
Promoted by
There is an innovative financing product that may assist you to make the most of what could be your last chance to make a significant contribution to your super account.
How to maximise the amount in your super before the new 30 June 2017 tax rules are implemented
Promoted by
There is an innovative financing product that may assist you to make the most of what could be your last chance to make a significant contribution to your super account.
Depending on your account balance, this may be your last chance to make a significant contribution to your super account. In this article we look at an innovative financing product that may assist you to make a large contribution before 1 July 2017.
As a part of the superannuation reforms that were announced in the 2016 budget, a non-concessional contribution cap comes into effect on 1 July 2017. From that date, individuals with total super of $1.6 million or more will no longer be eligible to make any further non-concessional contributions.
What does this mean?
Post 30 June 2017 the only contributions members with total super over $1.6 million will be able to make are concessional contributions, eg salary sacrifice. Those with total super of less than $1.6 million will only be able to make non-concessional contributions to the extent these contributions do not take their total super above $1.6 million.
Australian investment house Gresham has responded to these upcoming changes by developing an innovative financing product that may help you contribute $540,000 to your superannuation account before the 1 July 2017 changes are implemented.
Based on their assumptions this product could provide a tax benefit of up to ~$260k to ~500k net of fees1 over a 15 to 20 year period.
For more information on the product and on how to apply visit www.gresham.com.au/gss
1>Remember this is a forecast only, it may be affected by departures from our assumptions or other uncertainties and the forecast may be materially different to the results actually achieved and is dependent on individual circumstances.
The ~$260k to ~$500k is based on the following assumptions:
- Individual/SMSF: Individual Marginal Tax Rate: 49%, SMSF Tax Rate: 15%, Annual Investable Amount: $125,407, Current Super Balance: $1,600,000, Assumed SMSF Return: 7.5%
- Loan: Annual Interest Rate: 6.0%, Loan Amount: $540,000, Upfront Fee $3,000, Loan Term: 5 years, Annual Loan Payment (P+I): $125,407
- Gross Investment Return on Assets Acquired: 6.0%, Establishment Fee: $17,000 plus GST, Annual Management Fee: 0.85% plus GST
- ~$260k based on 15 years in top tax bracket
- ~$500k based on 20 years in top tax bracket
Important: The above provides you with information to help you consider your superannuation options. It does not constitute advice in relation to your super arrangements nor contain a recommendation to contribute to superannuation. Any advice on the GSS product has been prepared without taking into account of a client’s objectives, financial situation or needs. For that reason before acting on any advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs.
Before making any decision whether to acquire the product, it is important that you read the Information Memorandum for the GSS product and understand the detailed loan and unit structure.
Tax saving
Over 2m Aussies asked the TPB for help during the last year
As the economy recovers, Australia’s tax regulator says it’s planning to put unregistered practitioners under the microscope. ...Read more
Tax saving
Will you pay higher taxes due to bracket creep?
Bracket creep will see Australians paying more tax on average, unless further cuts are introduced in the future. ...Read more
Tax saving
10 ways to reduce your tax bill
With the tax return deadline only one month away, these tips could help minimise your tax bill. ...Read more
Tax saving
Sustainable tax conditions only way forward: OECD
The Australian economy had been on a 28-year winning streak of uninterrupted growth before the pandemic. However, despite a return to lockdowns, the OECD has predicted that winning ways can return sh...Read more
Tax saving
ATO issues warning over new gift card scam
The Australian Taxation Office (ATO) is warning victims of a new phone scam, where scammers are pretending to be the tax man and demanding payments for unpaid tax liabilities. ...Read more
Tax saving
EV uptake set to stall following tax changes
Special EV taxes introduced by state governments are creating a disincentive for Aussies to choose cleaner vehicles and slowing Australia’s overall transition to net zero, new data has revealed. ...Read more
Tax saving
Rooftop solar avoids ‘sun tax’ but still faces caps
Power companies will soon be able to charge Australians with rooftop solar panels a tax for exporting electricity to the grid, albeit the regulators have walked back from the most controversial parts ...Read more
Tax saving
South Australians now eligible for COVID-19 Disaster Payment
South Australians under lockdown are set to be supported by the COVID-19 Disaster Payment, the state government has confirmed. ...Read more
Will housing affordability improve in 2022? Will buy now, pay later become the norm? Why are Aussies staying in failing super products?
Listen now
Who really benefits from crypto ETFs? How will the RBA respond to rising inflation? Could a mandate help address unpaid super?
Listen now
How the post-lockdown period will influence property, what the soaring NFT market means, and defining financial wellness
Listen now
APRA’s mortgage crackdown, the power of DeFi and last-minute tax tips
Listen now
Tax saving
Over 2m Aussies asked the TPB for help during the last year
As the economy recovers, Australia’s tax regulator says it’s planning to put unregistered practitioners under the microscope. ...Read more
Tax saving
Will you pay higher taxes due to bracket creep?
Bracket creep will see Australians paying more tax on average, unless further cuts are introduced in the future. ...Read more
Tax saving
10 ways to reduce your tax bill
With the tax return deadline only one month away, these tips could help minimise your tax bill. ...Read more
Tax saving
Sustainable tax conditions only way forward: OECD
The Australian economy had been on a 28-year winning streak of uninterrupted growth before the pandemic. However, despite a return to lockdowns, the OECD has predicted that winning ways can return sh...Read more
Tax saving
ATO issues warning over new gift card scam
The Australian Taxation Office (ATO) is warning victims of a new phone scam, where scammers are pretending to be the tax man and demanding payments for unpaid tax liabilities. ...Read more
Tax saving
EV uptake set to stall following tax changes
Special EV taxes introduced by state governments are creating a disincentive for Aussies to choose cleaner vehicles and slowing Australia’s overall transition to net zero, new data has revealed. ...Read more
Tax saving
Rooftop solar avoids ‘sun tax’ but still faces caps
Power companies will soon be able to charge Australians with rooftop solar panels a tax for exporting electricity to the grid, albeit the regulators have walked back from the most controversial parts ...Read more
Tax saving
South Australians now eligible for COVID-19 Disaster Payment
South Australians under lockdown are set to be supported by the COVID-19 Disaster Payment, the state government has confirmed. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
