Tax Hints &Tips – Excess Superannuation Contributions
The cap for claiming superannuation contributions is currently $25,000 per year. Should you go over this cap through either salary packaging more or simply your employer contributing too much super, this excess amount is now assessed back against your personal income and the additional tax from this is required to be paid. You are able to elect to have this money refunded back to you from your fund to enable you to pay this tax bill or pay the funds yourself. Talk to our office if you’ve received one of these notices and not sure of what is your next step with it.