Adviser Update

EOFY Contribution cut off dates

As we approach the end of the 2019/20 Financial Year, we want to remind you of relevant transaction dates to ensure contributions are allocated to the current financial year.

To ensure all contributions are allocated in the current financial year, they must be received as cleared funds by AMG Super on or before Friday 26 June 2020.

For EFT and BPay payments, it is important to allow up to 3 business days for the transfer to clear into AMG Super. This will mean that EFT and BPay payments must be initiated by your clients on or before Wednesday 24 June. For EFT payments, please ensure the correct reference is used as explained below.

How to make an additional voluntary contribution
Members can make contributions to their AMG account via the following methods:

  1. EFT: To transfer contributions directly into the AMG bank account, please follow the banking instructions form on our website here.
  2. BPay: Members will need to login to their online AMG Super account and navigate to Investments>Make a Contribution to obtain the Biller Code and unique Reference Number.

If you choose to make a contribution direct to AMG’s bank account (EFT), please ensure to place the following information in the reference field:

  • Member Surname
  • Member Number
  • Type of Contribution (e.g. Super Guarantee, Member Voluntary)

For example: Smith53321SG

Current contribution threshold limits
For the 2019/20 financial year, the Contribution Caps are:Concessional Contributions: $25,000
From 1 July 2018 you are able to carry forward unused concessional contributions cap if you have a total superannuation balance of less than $500,000 at the end of 30 June in the previous year. Unused amounts are available for a maximum of five years. Please review the ATO guidelines here.Non-Concessional Contributions: 100,000
Members under 65 may be able to make non-concessional contributions of up to $300,000 under the bring forward rule. The eligibility also takes into account the total super balance at the end of 30 June of the previous financial year in which the contributions that triggered the bring forward, were made. Please review the ATO guidelines on here.

Getting control of your super is easy with AMG

Get in contact

PO Box 3528, Tingalpa DC, QLD 4173

1300 264 264

info@amgsuper.com.au