Avoid these superannuation accidents

Finish off the super year with care – getting your contributions right is critical.

Summary: While there’s a lot on between now and the end of the financial year, there are two super contribution rules it’s worth watching out for: make sure you know when your employer makes super contributions, and whether you are likely to receive your last payment of the year in FY17, affecting your contribution limits for 2017. Keep in mind that if you earn more than 10 per cent of income as an employee and are otherwise self employed, you are not eligible to make personal concessional contributions.

Key take-out: These two rules can be managed by asking your employer when super payments are being made, and planning ahead for contributions if it looks like you are moving from self employed to being an employee in one financial year.

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