Remember to pay all Superannuation for both staff and yourself, prior to 30 June to obtain the full tax deduction in this financial year.

The SGC will increase from 9% to 12% gradually over the next 7 years, the first increase will be 9.25% from 1 July 2013.

If you are eligible for the government co-contribution, make the $1000 voluntary contribution while it is still $1 for $1. It drops to 50c per $1 for the 2013 year.

The proposed higher concessional contributions cap for those aged 50 and over with super balances below $500,000 has been deferred. Accordingly, all taxpayers, regardless of age, will be subject to a concessional contributions cap of $25,000 for the 2012-13 and 2013-14 income years. Therefore if you are over 50 and wanting to boost your superannuation balance, you can still contribute up to $50,000 with full deductibility in this financial year.

Contact Louise Raunik on 07 5539 5418 for more information.

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