Can anyone recommend a superannuation fund with great rates that is particularly good for the self-employed?
What is the maximum amount one can contribute to superannuation, inclusive of compulsory super? And what if that amount exceeds the allowable limited? Are there any penalties or just pay the tax?
Self Employed or small company owners can double dip on the concesssional contribution limit?
The taxpayer could have $25,000 concessional contributions made during the year, then make an additional $25,000 in June, enabling a $50k tax deduction. $25k is allocated to the member in the current financial year, with the $25k in June taxed within the fund, but the allocation not occurring until the following financial year (before 28 July). you need to be aware amounts to be held over for the 2013/14 year means you cannot make a further contribution next year unless you engage the same strategy.
Talk to. SMSF Specialist about this strategy as they will have work wih your tax agent ad ATO's system not up to speed and tax agent will need to follow a procedure.