A number of clients have found that Business Accounting firm in Concord, Gotsis Rubic and Barbariol, has been able to help them with Superannuation Accounting and tax matters.

Concessional Contributions
With the way the Better Super regime is set up, the Congressional Cap (CC) for superannuation contributions, for those under 50 years old is $25,000 per year into super and the tax is only 15%. For those over the age of 50 the figure is increased to $50,000. For the tax years of 2009, 2010 and 2011, the transitional concessional cap of $50,000 will apply. This saves you paying a tax rate of 46.5% and allows you to build your wealth more quickly.

Non-Concessional Contributions
At six times above the amount of the Concessional Cap, the Non-Concessional Contribution Cap (NCC) continues to be $150,000 for the 2009 tax year, or under the “bring forward option, for the next 3 years is $450,000.

Superannuation Co-Contribution Scheme
For the tax years 2009, 2010 and 2011 the Government Co-Contribution Scheme (GCS) will be lowered to a rate of 100% for the contributed amounts. The GCS increases to 125% for the tax years 2012 and 2013, and then back to 150% for the 2014 tax year.