I believe that as my super balance is only 200K that I can contribute $50k to utilize all my unused concessional allowances of the last 5 years.
On a modest income, I expect that my PAYG tax for the year after deductions will equate to about 3k, which has already been deducted from my salary each month.
This leaves the potential 15% deduction allowed for the $50k contributed in concessional super ($7,500)
Is this correct? Will I be able to claim the tax already paid on the 50K?
Many thanks for your help.
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