Australian Company Incorporation Services

This is a reminder that, prior to 30 June 2014, everyone should check:

• You have not breached the $25,000 employer contributions limit (or $35,000 if you are over 60 years of age) if you have been salary sacrificing into super; and
• If you have a pension from a super fund, make sure you take at least the minimum pension amount required by 30 June 2014 otherwise the pension will be treated as lump sum withdrawals and the super fund will not receive the pension tax exemption on the income derived within the super fund.

It is also worth noting that 30 June 2014 is a Monday this year. This means you will need to make your super contributions by Friday 27 June 2014, or preferably beforehand, as the fund must have received the contribution by this date.

Be wary of relying on internet transactions made on Monday 30 June 2014 as they will most likely not be counted for the current year as the transaction receipt may be dated 1 July 2014, not 30 June 2014.

If you have breached your contribution cap or wish to be reminded of your minimum pension withdrawal amount please contact your Chartered Accountant.