South African’s living in Australia will be very interested to know that new superannuation rules come into play on the 1st of July 2017.
The non-concessional cap is dropping
Non-concessional contributions are all contributions apart from the amount your employer contributes on a monthly basis. Up until the 30th of June 2017, you can make a non-concessional contribution of $180 000 per annum.
On the 1st of July 2017, this drops to $100 000, which means you won’t be able to put away as much into your superannuation as you can currently.
Top up your superannuation by $540 000
You still have the opportunity, if you’re under 56, to bring forward three years’ worth of after-tax super contributions up to a maximum of $540 000. After the 1st of July 2017, this will be limited to $300 000.
It’s important to note that if you contribute more than these caps, you may have to pay extra tax.
Let cashkows help you take advantage of the window today!
One of our top services is retirement annuity transfers. With this service, we assist South Africans living overseas turn their South African retirement annuity policies into cash, which you can then use for any purpose whether it’s topping up your Australian superannuation or renovating your home!
For more information leave your details and one of our financial consultants will contact you.
Article written by Mariette Janse van Rensburg
*This information is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. If you decide to purchase or vary a financial product, your financial adviser, and other companies may receive fees and other benefits. The fees will be a dollar amount and/or a percentage of either the premium you pay or the value of your investments.
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