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Excess Contributions To Super = Bad News!

Superannuation contributions generally fall into the category of either Non Concessional (no tax deduction is sought) or Concessional (a tax deduction has been sought). The following table helps illustrate the allowable contributions to super dependent on age.

Super Contribution Limits | Geelong Financial Planner

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Any excess contributions incur additional tax payable of up to 46.5%. To ensure this additional tax is not payable please check contributions made in the past 2 financial years to any superannuation accounts in your name. It is important to note the contribution limits apply to your total number of super funds not per individual account.

If you require assistance in maximising your contributions to super please contact our office.

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