Superannuation – excess contribution reform - Budget 2011

Font Size:

Thanks to the complex tax regulations which are applied to Australia’s superannuation system, making excess contributions is not as difficult as it sounds. Currently, those aged over 50 can contribute $50,000 into superannuation and only the concessional tax rate is applied to this amount. However, as this includes payments made under the Employer Superannuation Guarantee, knowing exactly what you have paid into superannuation can be tricky.

From 1 July 2011, those who breach the concessional cap can request that the money be refunded to them, up to a maximum of $10,000.

Consultation with the superannuation industry will be sought by the Government on the implementation of this measure.

Join YourLifeChoices today
and get this free eBook!

Join
By joining YourLifeChoices you consent that you have read and agree to our Terms & Conditions and Privacy Policy

0 Comments

Total Comments: 0

    FACEBOOK COMMENTS



    SPONSORED LINKS

    continue reading

    Food and Recipes

    Silky Vegan Chocolate Mousse

    You may be sceptical about using tofu in a dessert, but I think you'll be pleasantly surprised. This silky chocolate...

    Wellbeing

    What is deep sleep and how can you get more of it?

    You may have heard that adults need between seven and nine hours of sleep each night. But the quality of...

    Technology News

    Why you may have to buy a new device whether you want to or not

    Michael Cowling, CQUniversity Australia We've probably all been there. We buy some new smart gadget and when we plug it...

    COVID-19

    Poll reveals support for vaccinations and compulsory masks

    Fewer Australians say they would take a coronavirus vaccination now than at the outset of the pandemic, but a big...

    News

    How to avoid being tracked online

    The internet is most likely monitoring every move you make through your computer or device and, unless you know the...

    COVID-19

    Aussies want Morrison to refute health misinformation

    Australians are fed up with the growing spread of misinformation related to the COVID-19 pandemic and want Prime Minister Scott...

    Nutrition

    The diet that can put type 2 diabetes into remission

    Consuming fewer carbohydrates can potentially put type 2 diabetes into remission. An international study involving Australia's CSIRO found that strict...

    Finance

    CHOICE tips to take charge of 2021

    Have you made a resolution to be better with money this year? After 2020, many of us could probably do...

    LOADING MORE ARTICLE...