William Buck New Zealand
As a fully integrated firm of Chartered Accountants and advisors, William Buck provides a complete solution. Putting you at the core of the business, our advisors work together to ensure that careful consideration is given to your business and personal wealth affairs.
Working closely with you and your team, our Business Advisors can help you plan and implement contemporary business strategies and practices to meet your business’s full potential.
Our commercially minded tax specialists offer clear, responsive advice to manage your tax risk, address local and international issues, and develop strategies to optimise your tax position.
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Our audit team has extensive experience in a range of engagements, giving stakeholders independent and objective assurance on financial information, transactions and processes.
By understanding not only what you want to achieve but why it’s important, our wealth advisors can create strategies attuned to your key priorities. The end result is a plan focused on your life goals.
Our Corporate Advisory team provides objective, strategic and commercial advice across a broad range of business issues. Our work spans the breadth each engagement from the origination of ideas to managing the transaction process, valuation and structuring.
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William Buck has a team of professionals with specialist experience and know-how on a range of industry sectors.
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Our Government and public sector team has substantial experience in assisting all levels of government to review their structures and develop strategies, in line with relevant legislative requirements and accounting and audit standards.
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Our advisors understand the challenges and opportunities facing the professional services sector first hand. This experience together with our expertise helps to determine your strategic objectives and provide concise, relevant advice to help you achieve your goals.
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As we approach 30 June, some individuals are keen to make large one-off contributions to superannuation. However, individuals are also wary of the contributions caps and the penalties associated with exceeding those caps.
When claiming a deduction for a superannuation contribution, the contributions caps generally do not impact on whether a deduction is available to the contributor. Provided the contribution is made to a complying superannuation fund by 30 June, the contributor (such as an employer) can generally claim a tax deduction in that financial year.
Despite the possibility that a deduction could be claimed for a large contribution to an employee’s superannuation fund, contributions caps exist which limit the amount of contributions which can be concessionally taxed within the superannuation fund. Individuals currently have a concessional contributions cap of $25,000 (regardless of age).
Although the concessional contributions cap is $25,000, it may be possible for individuals to make an additional contribution in June this financial year without breaching their concessional contributions cap. One method to achieve this is by using what is commonly referred to as a ‘contributions reserve’ (although it is probably more appropriately called a holding account or suspense account).
The Superannuation Industry (Supervision) Regulations 1994 (“SIS Regs”) clearly state that the trustee of a superannuation fund must allocate contributions within 28 days after the end of the month in which the contribution is received. It is therefore possible for a contribution made on 1 June 2013 to be ‘held’ by the trustee (in the reserve or holding account) until 28 July 2013. Importantly, whilst the contribution is held by the trustee in this manner, it does not count towards the member’s contributions cap until it is ‘allocated’ by the trustee. Hence a contribution made in the 2013 financial year may not be allocated to the member until the 2014 financial year.
The ATO released an interpretative decision ATO ID 2012/16 Superannuation Excess Contributions Tax: concessional contributions – allocation of contributions confirming the abovementioned view. The ATO also confirmed that a deduction is permitted in the year in which the concessional contribution is made, despite the contribution not being allocated to the member’s superannuation fund account until the following financial year.
By utilising the reserve or holding account strategy, it may allow individuals to make additional contributions to superannuation prior to 30 June, without breaching their contributions cap. Importantly though, this strategy is generally only effective in the context of a contribution to a self-managed superannuation fund (“SMSF”).
Take the following example.
Bob is a member of a SMSF. Bob’s concessional contributions cap for the 2013 financial year is $25,000.
Bob made a personal concessional contribution of $25,000 to the SMSF on 1 February 2013. The SMSF trustee allocated this contribution to Bob’s member account as required by the SIS Regs (i.e. by 28 March 2013).
On 2 June 2013, Bob makes a further personal concessional contribution of $25,000 to the SMSF.
Bob meets the conditions to claim a personal deduction for the full $50,000 superannuation contribution in the financial year ended 30 June 2013.
The SMSF trustee allocates the $25,000 concessional contribution made on 2 June 2013 to Bob’s member account on 27 July 2013.
Accordingly, it is possible for Bob to claim a deduction in the 2013 financial year for $50,000, yet not exceed his concessional contributions cap for the 2013 financial year. The contribution made in June 2013 would instead count toward Bob’s 2014 contributions cap.
If this strategy is used, it is important that you consider the following factors:
Should you require any further information regarding superannuation matters, please contact the Tax Services team at William Buck.