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Use it or Lose It

Discussion in 'Superannuation, SMSF & Personal Insurance' started by austing, 25th Sep, 2016.

  1. austing

    austing Well-Known Member

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  2. Bran

    Bran Member

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    @austing
    This is only when nearing retirement age right?
    Any idea if I can suddenly contribute 180k instead of 30k this year? (I'm in my 30s).
     
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  3. austing

    austing Well-Known Member

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    Note the following relates to non concessional contributions (after tax) not concessional contributions (before tax). I think you're confusing the two. Currently concessional contributions for your age is $30K. Next year it will reduce to $25K.

    No not nearing retirement age, anyone under 65 generally.

    My amateur understanding is that this financial year is the last opportunity for you to contribute $180K or $540K NCC's using the 3 yr bring forward rule. From next financial year the $1.6 Mil limit will kick in and annual NCC of $100K or $300K using the 3 yr bring forward rule. My previous posts detail different scenarios and complications.
     
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  4. twisted strategies

    twisted strategies Well-Known Member

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    HA .HA
    i am in my early 60s , but i bet it changes ( at least once ) in the coming week as well

    talk about rubbery figures

    surely Mal and the minions aren't lining us up for another election ( but they are bashing Pauline like that is the plan )
     
  5. Bran

    Bran Member

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    You are right - I was confusing the two
    A further downgrading of the concessional status doesn't help - ive got a commercial property in SMSF settling January 2018... gonna be tight for finance! (180k non concessional will be plenty)
     
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  6. twisted strategies

    twisted strategies Well-Known Member

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    i have no idea if you are confused , but i am getting that way

    i spotted two other articles elsewhere ( but from accredited advisors/professionals )
    both had a different understanding again .... or was based on a different set of changes ( early or later revisions or additions .)

    and considering folks are supposed to PLAN the future with this constantly spiralling mess , how can there


    since Bill Shorten has complained he can't live on $300,000 a year how about we use his super plan as a starting point ... he is a non-practising lawyer surely his scheme would stay inside the legal boundaries

    no use asking the PM .. he has off-shored his scheme to a bunch in Panama.

    considering the government is trying to abandon the Age Pension ( all planned under John Howard ) and transition us into self-funded retirees , they are making a MESS of it .

    and you are correct folks just don't liquidate your assets with a single phone call ( unless you are a banker at MacQuarie )

    good luck

    and expect industry to ask further tough questions and push for sensible outcomes