Brexit Uncertainty Remains

by Dominique Schuh

The Australian sharemarket has extended its rebound from last week's lows, but there is still lingering "Brexit" uncertainty.  The Australian dollar climbed US0.3¢ to US74.80¢ after the Reserve Bank highlighted the strong March-quarter GDP and slightly stronger growth in household incomes, running ahead of national incomes, and a stronger than expected trend on building approvals.

It's not long now until the 30th June deadline for the end of the current financial year. Remember to make your super contributions in the next few days if you're planning on doing this. Concessional contribution limits are $30,000 for those under 50 and $35,000 for those aged between 50 and 75, assuming you meet a work test if you're over 65.  

What does this mean for you?

The past few months have been a time of uncertainty in our own share market, due to the upcoming Federal election as well as the European events impacting global markets. Always remember that "patience beats panic" every time.

This current financial year and the next year will see the current concessional contribution super limits stay at the same level. As of July 2017 though, these contribution caps will drop to $25,000 for everyone under 75. If you're second guessing whether you should top up your super fund this year, we'd suggest you take advantage of the current caps before they're reduced in the future.

• If you would like to review your current structures, contact us today here or call us: 5482 2855.