We have offered expert advice to many of our clients about Superannuation tax and accounting issues at Five Dock accountants, Gotsis Rubic & Barbariol, and we want the chance to help you with your Superannuation and other accounting and tax matters.

Concessional Contributions
Under the Better Super regime, the Concessional Cap (CC) for superannuation contributions allows you to contribute up to $25,000 per year to the super, if you are less than 50 years old and you will only incur a 15% tax assessment. After the age of 50, this figure is increased to $50,000. You can build up your wealth quicker through the transitional concessional cap of $50,000 instead of paying the 46.5% tax rate. These changes will apply for the 2009-10, 2010-11 and 2011-12 years of income.

Non-Concessional Contributions
During 2009-2010, $150,000 will be the Non-concessional Contributions Cap (NCC), which is a 3-year “bring forward option” of $450,000.

Superannuation Co-Contribution Scheme
During 2009-10, 2010-11 and 2011-12, the Government Co-contribution Scheme (GCS) will be reduced to a rate of 100% for contributed amounts. During 2012-13 and 2013-14, that rate will increase to 125% and during the 2014-15 years, it will return to 150%.