Can business owner gives non concessional contributions to employee superannuation as extra contributions? Is there a limit or max amount? Does the employee need to pay 15%tax ? What is the life time limit (1.7m?) of a single person in year 2022-2023?
Thank you for your info.
HI @kamman
Okay lets break this down:
Non concessional contributions are after-tax personal contributions.
Usually, they’re personal not through an employer. NCC aren't subject to tax in the superfund.
On 1 July 2023, the general TBC was indexed to $1.9 million.
All individuals will have a personal TBC of between $1.6 million to $1.9 million.
That was short and sweet. Here's to your healthy super balance.
Thank you for your info.
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