I am 58, single and earn $ 120,000 per year. You receive a little inherit and I want to use my super in preparation for retirement somewhere in my 60 years. I have never done any super contributions in addition, what my employer puts. I know there are limits to what you can put in super. How much can I deposit?
Give your entrance level, your employer has to contribute $ 13,800 in super more than one year. The current limit for this type of contribution (known as a concession) is $ 30,000, so you have $ 16,200 unused and then available for you.
Using an inheritance for a Super Boost can be a big move but the mind does not exceed your annual caps.CREDIT: Louie doivis
If your superannuation balance is below $ 500,000 at the beginning of the financial year, you can also make contributions of catching. These give you the ability to look back to the five years and make use of any unused contributions limits.
You can see how much capacity you have for these contributions types in your Mygov account and passing on the page of Superannuation.
Catch contributions, as the oldest $ 16,200 top-up I mentioned, are tax-deductible. When proceeds arrive in your super bottom, they will be set to 15 percent.
For this reason, there is very little value in obtaining your income tax below $ 45,000. Given your income is $ 120,000 you don’t like to typically for the lowest tax deductible tax deductible tax ($ 120,000 minus $ 45,000).
According to the level of capturing contributions that you have been available, you can be therefore away from these over two or three financial years.
The second touch of contributions of supernanity, known as non-concessional contributions, relate to the funds contributed where it is not declared that is not reported no tax. Here the limit is $ 120,000 per year.
There is also the ability to make three years of non-concressional contributions in a single year if you want, with you then be contributing to make no conclibutions in both of the insight. This is known as the provisions “bring forward.”