Contribution cap changes

News

 

Contribution Cap Changes

From July 2012, the Concessional Superannuation Contribution Cap has dropped from $50k to $25k for people aged 50 years or over.

The last time this occurred, the Australian Tax Office (ATO) saw a 31% increase in breaches, likely attributed to people being unaware of the cap changes or they didn’t do a good job of tracking their contributions.

A tax penalty of at least 31.5% is payable for breaches, and the ATO has limited discretion to change its assessments.

Don’t be caught out, if you have any questions or concerns about contribution cap please speak to your adviser.

  

Category: News

Contact Information

Active Self Managed Super Funds
Suite 15, Level 3
83 Mill Point Rd
South Perth  WA  6951

Phone: 08 9474 2255
Fax: 08 9474 2122
Email: info@activesmsf.com.au

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