With the combination of the employer contribution increasing to 11%, and my salary going over $250,000 I find myself in the situation where that contribution alone will exceed the $27,500 concessional limit. How does the ATO handle this situation tax wise? For what it's worth, I'm 59 and will be 60 in September with no intention of retiring or reducing work in the near future.
Hi @Campervan,
If you go above the concessional contributions cap the excess concessional contributions (ECC) will be included in your assessable income.
ECC's are taxed at the marginal tax rate less a 15% tax offset which takes into account the tax that's already been paid by your super fund.
Hi @Campervan,
If you go above the concessional contributions cap the excess concessional contributions (ECC) will be included in your assessable income.
ECC's are taxed at the marginal tax rate less a 15% tax offset which takes into account the tax that's already been paid by your super fund.
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