|
| Michael D’Ascenzo |
Around 24,000 people may have exceeded their superannuation contributions cap last financial year, prompting the Australian Taxation Office to urge people to carefully review their contributions.
The Tax Commissioner, Michael D’Ascenzo, said anybody salary sacrificing into superannuation or considering making additional contributions needed to think about what other contributions had been in the year and what contributions cap they would be counted against.
He said it was important to remember that contribution caps applied and that contributions which exceeded the caps would be taxed at a higher rate than many might expect.
D’Ascenzo pointed out that for the current financial year, the concessional contributions cap was $50,000 per person while for people aged 50 and over it was $100,000 a year until June 30, 2012.
