Welcome to Northern Accountants & Financial Planners 

We are your profit growth specialists

We aim to be your long-term business partners

As the client, you are given the choice of selecting a single service, a variety of services or all of the services offered by NAFP.

Understanding these services will ultimately help us to help you - and all of our services will be delivered with the highest level of professionalism and discretion. 

We deliver our service with confidence and integrity and achieve results for all our clients, no matter how big or small.

(a) Introduce a 1.6million transfer balance cap and transitional arrangements for individuals who already have retirement phase balances above $1.6million.

From July 2017, there will be a 1.6million transfer balance cap on the total amount of accumulated superannuation an individual can transfer into the tax-free retirement phase. Subsequent earnings on balances in the retirement phase will not be capped or restricted. Savings beyond this can remain in an accumulation account (where earnings are taxed at 15 per cent) or outside the superannuation system.

People already retired will have to bring their retirement phase balance under $1.6 Million before 1 July 2017.

The Transfer balance cap will be indexed and will grow in line with CPI, meaning the cap will be around$1.7 million in 2020-21.

(b) Lower the concessional contributions capping threshold to $25,000.

From 1 July 2017, the annual concessional contributions cap will be $25,000 without regard to the fund member’s age. The existing concessional contributions capping threshold, for the 2016-17 income year, is either $35,000 or $30,000 depending on whether the fund member is aged 50 or over (with fund members currently aged 50 or over benefiting from higher cap). 

(c) Lower the non-concessional contributions capping threshold to $100,000.

From 1 July 2017, the annual non-concessional contributions cap will be $100,000. This existing non-concessional contributions cap for the 2016-17 income years is $180,000. Furthermore, from 1 July 2017 a fund member will only be able to make non-concessional contribution where their total superannuation balance at 30 June of the previous financial year is less than $1,600,000.

(d) Change the taxation of concessional contributions.

From 1 July 2017, the threshold at which high income earners pay additional contributions tax (Division 293) will be lowered from $300,000 to $250,000.

(e) Allow catch up concessional contributions for those with balance less than $500,000.

From 1 July 2018, the government will help people 'catch-up' their superannuation contributions by allowing individuals with account balances of $500,000 or less to rollover their unused concessional caps (for up to 5 years) to use if they have the capacity and choose to do so.

- The annual non-concessional contributions cap will be reduced to $100,000 (currently $180,000); individuals with a superannuation balance of more than 1.6 Million will no longer be eligible to make non-concessional contributions from 1 July 2017.

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