Talking Cents

Super threshold increase explained by your small business accountant in Sydney

It’s always good news when we hear about the super threshold elevating, as it allows for people to be set up a lot when retirement comes. So our small business accountant in Sydney will explain the increased super thresholds.

Here is what our business accountant can tell you about the super threshold changes for the 2018-2019 year:

• The CGT cap for non-concessional contributions to your super will increase from $1.445 million to $1.480 million in total
• Keep in mind that concessional contributions to your super will remain unchanged at $25,000 per year
• The non-concessional contributions to your super will also remain unchanged at $100,000 per year
• While there are other changes to the tax free amount for redundancy payments which is increasing to $10,399 with adding $5,200 for each year of service

If you are having any trouble understanding the changes to the super thresholds, be sure to do your research or seek help from our small business accountant in Zetland.

As always, feel free to get in contact with our small business accountants in Sydney for any of your accounting advice.