If you have not heard of or are not using concessional and non-concessional contribution prepayments with your clients then it is time to do so. The concept is simple, works only in June and can see large tax deductions of up to $102,500 for each person, whether salary and wage, trust beneficiary, small business or even a bucket company.
In this video Grant Abbott from Abbott & Mourly covers:
- going through the ATO guidance on prepayments of superannuation contributions
- how to treat in the accounts of a super fund
- look at case studies on the tax and wealth impact
- provide an informational email to send to your client in June alerting them to the benefits of prepaying super beyond their current contributions caps
- detail who and what age benefits the most from the prepayment
- how to do for one or more members of a SMSF.
Also find here the ATO request for adjusting concessional contributions for the purposes of the prepayment: https://www.ato.gov.au/Forms/Request-to-adjust-concessional-contributions