Concessional Contribution Cap (Employer and Personal Deductions)
2016 – 2017 <49 years: $30,000 49 + years: $35,000
If you exceed the concessional contribution cap for the year, the excess is included as taxable income, taxed at the marginal tax rate with an excess concessional contributions charge. After your return is lodged you will then be issued with an amended tax return notice with the excess charge included.
To be sure you don’t exceed the cap Business Initiatives recommends planning your contributions for the year now.
It’s as simple as sitting down with your employer to calculate your projected super contributions if you have a salary sacrifice arrangement or simply contact us 08 8431 7444 or email email@example.com