Obtain A Quote

Managing excess superannuation contributions

Managing excess superannuation contributions

Tuesday night’s Federal Budget has confirmed that for any excess contributions made after 1 July 2013 which breach the non-concessional contributions cap, the Government will allow individuals to withdraw those excess contributions and associated earnings.

If an individual chooses this option, no excess contributions tax will be payable and any related earnings will be taxed at the individual’s marginal tax rate.

Individuals who leave their excess contributions in the fund will continue to be taxed on these contributions at the top marginal rate.

0 Comments

Leave A Reply





back up ↑