There is a unique opportunity this financial year to demonstrate value and re-engage clients through catch-up contributions.
Clients with a total super balance of less than $500,000 on 30 June of the previous year may be entitled to contribute more than the general concessional contribution cap. Additional amounts above the general cap will utilise any unused amounts from previous financial years commencing from 1 July 2018. Unused amounts are available for up-to 5 years before they expire.
This means that now is the time to take advantage of any unused concessional caps from 2018-19 before they expire.
On top of that there are additional client benefits specific to this year due to the change in tax rates coming in FY25. Under some circumstances, making a contribution this year may result in a larger tax saving when compared to next year.
Based on the ATO website, from 1 July 2024 the changes to Individual income tax rates will:
- Reduce the 19% tax rate to 16%
- Reduce the 32.5% tax rate to 30%
- Increase the threshold above which the 37% tax rate applies from $120,000 to $135,000
- Increase the threshold above which the 45% tax rate applies from $180,00 to $190,000
For more information or if you need any assistance please reach out to your North Business Development Manager.
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Important information
The information on this page has been provided by NMMT Limited ABN 42 058 835 573, AFSL 234653 (NMMT). It contains general advice only, does not take account of your client’s personal objectives, financial situation or needs, and a client should consider whether this information is appropriate for them before making any decisions. It’s important your client consider their circumstances and read the relevant product disclosure statement (PDS), investor directed portfolio guide (IDPS Guide) and target market determination (TMD), available from northonline.com.au or by contacting the North Service Centre on 1800 667 841, before deciding what’s right for them.
MyNorth Investment and North Investment are operated by NMMT. MyNorth Investment Guarantee is issued by National Mutual Funds Management Limited ABN 32 006 787 720, AFSL 234652 (NMFM). MyNorth Super and Pension (including MyNorth Lifetime), MyNorth Super and Pension Guarantee and North Super and Pension are issued by N.M. Superannuation Proprietary Limited (ABN 31 008 428 322, AFSL 234654 (NM Super) as trustee of the Wealth Personal Superannuation and Pension Fund (the Fund) ABN 92 381 911 598. NMMT issues the interests in and is the responsible entity for MyNorth Managed Portfolios. All managed portfolios may not be available across all products on the North platform. All of the products above are referred to collectively as MyNorth Products. The information on this page is provided only for the use of advisers, it is not intended for clients. This page provides a brief overview of some of the benefits of investing in MyNorth Products. The adviser remains responsible for any advice/services they provide to clients including making their own inquiries and ensuring that the advice/services are appropriate and in accordance with all legal requirements.
You can read the Financial Services Guide online for more information, including the fees and benefits that companies related to NMMT, N.M. Superannuation Proprietary Limited ABN 31 008 428 322, AFSL 234654 (N.M. Super) and their representatives may receive in relation to products and services provided.
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All information on this website is subject to change without notice.
This article has been provided by NMMT Limited ABN 42 058 835 573, AFSL No. 234653 (NMMT) for professional adviser use only and is general in nature. The adviser remains responsible for any advice/services they provide to clients using this information, including making their own inquiries and ensuring that the advice/services are appropriate and in accordance with all legal requirements.
It’s important a person considers their circumstances and reads the relevant product disclosure statement and/or investor directed portfolio services guide and target market determination, available from northonline.com.au or by contacting the North Service Centre on 1800 667 841, before deciding what’s right for them. Any general tax information provided is intended as a guide only and is based on our general understanding of taxation laws current at the date of publication. It’s not intended to be a substitute for specialised taxation advice or an assessment of liabilities, obligations or entitlements that arise, or could arise, under taxation law, and we recommend that advice be obtained from a registered tax agent / tax professional before deciding to act on the information provided. Information in this article is subject to change without notice.