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Superannuation - Assignment Example

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The current non-concessional contribution cap is $180,000 per year. Adam exceeded this contribution cap by $270,000.
Adam can use the “bring…
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Download file to see previous pages Adam can use this option to increase his superannuation with $90,000 more dollars so as to make the total amount of his superannuation funds to be $540,000. This option is only allowed for persons who are below fifty five years of age and Adam is eligible as he is fifty three years old.
Employers are required to contribute 9.5% of their workers earnings to their superannuation funds. Adam’s is earning $35,000 and thus his employer is required to pay $3,325 towards Adam’ superannuation fund.
The Low Income Superannuation Contribution refund is applicable to Adam because he earns less than $37,000. This scheme is applicable to people who whose superannuation contribution is made by their employers and those that earn less thus $37,000. Adam meet these two requirements thus he is eligible for the scheme.
The amount in dollars that will actually be invested in Adam’s superannuation fund is $3,325. This is because the Low Income Superannuation Contribution refund is a refund of the concessional tax levied on employer’s contribution. Thus considering this scheme, the total amount of employer’s contribution will be invested in Adam’s superannuation fund.
Benjamin should consider making personal contributions of $180,000 to his superannuation fund. Then if he is employed his employer will pay for his contributions where he will be eligible for the Low Income Superannuation refund thus the total employer’s contribution will be invested in his fund.
The requirements in a SMSF investments strategy are; considering business risks, the investment must give adequate gains to the fund members, the investments must be diversified sufficiently, the needs, employment and income needs of the members must be met by the investment and finally the fund has to be able to sustain the investment as well as pay member benefits.
The considerations that have to be made while making an SMSF investment are majorly ...Download file to see next pagesRead More
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