I receive a lot of questions from readers seeking information about how the non-concessional (after-tax) super contributions rules work; in particular, how the bring-forward rule works. More recently I have received several emails from readers who have fallen foul of the bring-forward rules and … [Read more...]
Q: Does a co-contribution received after using up the total bring forward cap of $450,000 mean that an excess contribution has been made, or is the Government co-contribution excluded from the after-tax contribution cap? A: A superannuation co-contribution is a tax-free super contribution paid by … [Read more...]
Non-concessional contributions are more popularly known as after-tax contributions. You may even hear them called ‘undeducted’ contributions. Such contributions are subject to a contributions cap, which sets a limit on the amount of after-tax contributions that you can make in one year (1 July … [Read more...]
Q: I am 64 and want to take advantage of the bring-forward rules when making non-concessional contributions. I turn 65 sometime during the 2011/2012 financial year. There is a possibility that I will be able to dispose of a property during the financial years 2011/2012 or 2012/2013. My three related … [Read more...]
Q: I was born in May 1961 (turning 50 in May 2011). Can you explain which financial year I am considered to be over 50 in relation to the $50,000 concessional contributions cap? Answer: For the benefit of other readers, I will first explain the concessional (before-tax) contribution rules for … [Read more...]
In the May 2010 Federal Budget, the Government announced that the ATO would have discretion to deal with Australians who exceeded contributions caps, but... wait for it... only from the 2010/2011 year. Come on guys! Show some compassion and political sense, and make a retrospective change to this … [Read more...]
