April 2018 Information Guide No 3.
Please be aware that personal super contributions claimed as an income tax deduction count towards the concessional contribution cap of $25,000 for 2017/18.
Thus if you earnt $100,000 for 2017/2018, your employer will contribute $9,500 to your nominated superannuation fund leaving $15,500 maximum amount that can be claimed as an income tax deduction to avoid exceeding the cap and incurring penalties.
This is because your cap also includes contributions made by your employer such as employer contributions for super guarantee (SGL) purposes or under salary sacrifice agreements.
Non-concessional contributions can still be made up to $100,000 for 2017/2018 but cannot be claimed as tax deductions.
Please contact us should you require further explanation or assistance.
For a more detailed explanation you can also refer to the ATO website.
Gregory Asher Sernack
FSL License Number 484657
Level 2 Unit 10 33 Kinsellas Drive
LANE COVE NSW 2066
Gregory Asher Sernack. M.Comm, MIPA AFPA AFSL
Gregory Sernack Financial Services is a personalized financial services practice run solely by the principal, Gregory Asher Sernack, a CERTIFIED PUBLIC ACCOUNTANT and member of the Australian Institute of Public Accountants, holder of a Master of Commerce degree and an Australian Financial Services License No 484657.Gregory Sernack is a member of the Financial Planning Institute and the Financial Ombudsmen Services.The holding of this financial services license required meeting stringent statutory requirements regulated by the Australian Investment and Securities Commission. We are somewhat unique in that we provide therefore not only accounting but also financial services.
Gregory Sernack is licensed to provide advice under a Limited Australian Financial Services License (AFSL) as a recognised public accountant to give general advice for Financial Planning and Superannuation. Information provided is of a general nature and is based on factual information and is not intended to imply a recommendation or opinion about a financial product or course of action..
Please be advised that (a) that the advice has been prepared without taking into account clients objectives, financial situation or needs; (b) the client should, therefore, consider the appropriateness of the advice, in light of their own objectives, financial situation or needs, before acting on the advice; and (c) the advice does not relate to the acquisition, or possible acquisition, of a particular financial product. If the client is considering a particular product, the client should obtain a Product Disclosure Statement (PDS) (if required) relating to the product and consider the PDS before making any decision about whether to acquire the product: s949A (2).