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CPA Taxation of Super Contributions - YouTube
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[Music]
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Mike's employer makes compulsory
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superannuation contributions to Mike
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super fund these amounts are deemed
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concessional contributions they are
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assessable income to the fund and a
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taxed at concessional rates with the net
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contribution added to the fund balance
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Mike also makes an after-tax
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contribution to his super fund and does
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not elect to claim a tax deduction for
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the payment this amount is deemed a
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non-concessional contribution no tax is
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payable by the super fund and the full
[35]
contribution is added to the fund
[36]
balance for taxable funds superannuation
[41]
is taxable at three stages entry earning
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and exit entry refers to when
[47]
contributions are made to the
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superannuation fund these contributions
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can come from many sources including
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employers individuals their spouses and
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the government two main types of
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classifications are concessional
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contributions and non-concessional
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contributions concessional contributions
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are deductible to the payer and their
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assessable income to the super fund but
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generally taxed at concessional rates
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concessional contributions are typically
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made in two ways firstly by the employer
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this can take the form of compulsory
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superannuation contributions in line
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with legislated rates of the employees
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salary and subject to minimum and
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maximum salary amounts any additional
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contributions required from an
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industrial agreement award or negotiated
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remuneration package or via a salary
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sacrifice arrangement where the employee
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reduces their salary and increases
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superannuation contributions within
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their existing remuneration package
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secondly by the member here the member
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needs to notify the super fund trustee
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that the amount is a concessional
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contribution the result is that the
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member claims a tax deduction for the
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contribution and the Superfund treats
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the contributions as assessable income
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however the amount of concessional
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contributions that can be made in a tax
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year is capped and concessional
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contributions that exceed the cap are
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penalized taxation of concessional
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contributions may be adjusted for low
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income earners and high-income earners
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low income taxpayers may be eligible for
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the low income superannuation tax offset
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the listo effectively refunds the tax
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paid on the taxpayers concessional
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contributions up to a maximum amount
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high-income earners may be penalized
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with a higher tax rate on their
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contributions this surcharge applies
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once they're aggregated income amount
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exceeds the relevant threshold in a
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given tax year non-concessional
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contributions are not deductible to the
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payor
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and so are not accessible to the
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superannuation fund non-concessional
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contributions are generally paid by
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taxpayers from after-tax funds and only
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once their annual concessional
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contributions cap has been reached
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however even non-concessional
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contributions have an annual cap subject
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to certain bring forward provisions that
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may apply to certain taxpayers
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non-concessional payments in excess of
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the cap are effectively taxed at the top
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marginal rate in addition to the annual
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non-concessional contributions cap it's
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important to be aware of the
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superannuation balance cap above which
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no further non-concessional
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contributions can be made and the
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lifetime capital gains tax cap which
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relates to contributions that have
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utilized certain small business
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CGT concessions non-concessional
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contributions can also be made by the
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government under the Co contribution
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scheme for lower-income earners certain
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eligibility criteria must be met and the
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co contribution also has a maximum
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entitlement that tapers depending on the
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taxpayers adjusted income and the amount
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they personally contributed in addition
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to the taxpayer and the government
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non-concessional contributions can be
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made to a spouse's superannuation fund
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in this situation the contributor
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receives a spouse contribution offset
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again certain eligibility criteria
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exists and the offset also has a maximum
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amount that tapers depending on the
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recipient spouses adjusted income to
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recap contributions can come from many
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sources including employers individuals
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their spouses and the government two
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main types of contributions are
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concessional contributions and
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non-concessional contributions
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concessional contributions are
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deductible to the payor and are
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assessable income to the superannuation
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fund but generally taxed at concessional
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rates non-concessional contributions are
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not deductible to the payor and so are
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not accessible to the superannuation
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fund a range of rules and regulations
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apply to contributions including
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concessions caps penalties and offsets
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and it is important to be aware of all
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facets to ensure the most effective
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superannuation contribution strategy is
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employed
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