Non-Concessional Superannuation Contributions (Post Tax)
The Super module allows you to record the client's superannuation and pension funds, along non-concessional superannuation contributions and some concessional superannuation adjustments.
Select the 'Super' module from the left-side menu, and open the client's SGC super fund.
You will then be able to scroll down to see further entry fields in relation to superannuation contributions.
1. Concessional Contributions (Funding from Income)
Under this section you will see the super contributions which have been entered via the Income screen, such as Employer SGC, and salary sacrifice contributions.
2. Contributions (Funding from Expenses)
Under this section you can enter the following regular and/or lump sum superannuation contributions:
(Note: Superannuation Guarantee contributions are automatically included, based on the salary income entered on the Income screen)
- non-concessional superannuation contributions
- contributions of a specified amount, up to a maximum of the concessional cap
- contributions of a specified amount, up to the concessional cap, with any additional contributions made as non-concessional conts
To enter non-concessional (after-tax) super contributions:
1. Scroll down to the 'Contributions (Funding from Expenses)" section.
2. Click the ADD button under the either the Regular or Lump Sum Contributions, which will add an additional contribution field
3. Select the appropriate date for the contributions (a start and end date in the case of a regular contribution).
4. Select the Contribution type:
- Non-Concessional - after-tax contribution (not tax deductible), from cash flow
- Max Out Concessional Only - a tax deductible contribution, from cash flow, which contributes the lesser of:
- The contribution amount entered; OR- Sufficient contributions to reach the applicable concessional cap ONLY(even if the amount you enter is more than the amount required to reach the cap)
- Nominated Amount from Concessional First - a contribution, from cash flow, which may be partly tax deductible and partly not tax deductible
The amount required to reach the Concessional Cap will be contributed first, and the balance of the contribution will be contributed as a non-concessional contribution.
5. Set the Funding Account - which should be the Surplus Account.
6. Click UPDATE to save the contribution.
"Keep?", at the far right of the data entry row, simply means that you want to keep the entry, when set to "Yes".
If you wish to delete an entry you have already made, simply select "No" from the drop-down menu here, and click UPDATE.
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