Transcript:
Making a Concessional Contribution to Superannuation
This video outlines how to make a concessional contribution to superannuation. All concessional contributions must be made on the client's superannuation contribution screen, which can be found in the client's superannuation fund.
Accessing the Superannuation Fund
Here we have John's superannuation fund. Let’s click into this and scroll down to the superannuation contribution screen.
Entering Concessional Contributions
Let's assume you want to make personal concessional contributions of $10,000 per year. To do this, enter the dollar amount in the specified field.
Please note that when you input a dollar amount in that field, Voyant will assume you want to start these contributions in year one, and they will continue each year up until the client's retirement date. If this assumption doesn't align with your client's needs, I’ll show you how to adjust those contribution amounts after this step.
After entering the amount, click Done to save.
Verifying Contributions
To verify if the contributions are correct, click on Year View in the top right, go to the Pension tab, and select John’s superannuation fund.
Scrolling down, you can see the personal concessional contributions of $10,000 that will continue each year. You will notice this if you click forward to future years.
Funding the Contributions
When funding these contributions, Voyant will access any income or cash holdings the client has, but it will not sell down any investments automatically. If the contributions are to be funded by an investment, you would need to enter a plan withdrawal from that investment to ensure there are sufficient funds for the concessional contribution.
Adjusting Contributions with Steps
If your client wants to make the personal concessional contributions for only the first four years of the plan and stop from year five onward, you will need to enter a Step.
A step allows you to adjust numbers either up or down. In this case, we’re going to reduce the personal concessional contributions to zero starting in year five.
To do this, enable personal concessional contributions and set it to zero. Now click on Timing, and place an icon on the timeline at age 61. We’ll label this as "Personal Concessional Contributions Stop" and set that as the step timing. Click Done to save.
Reviewing the Changes
Now, if I go back into Year View, we will see that from age 61 onward, the personal concessional contributions have stopped.
Making Future One-Off Contributions
Additionally, if your client wishes to make a future one-off concessional contribution, such as after selling an investment property, you can also manage that through the steps.
Conclusion
Hopefully, this information has been beneficial for you! If you have any questions regarding superannuation contributions or anything else in Voyant, you can request support by clicking on the client’s name, choosing Request Support, and typing your message in the provided box.
Thank you!