WebBecause your superannuation balance was below $500,000 on 30 June of the most recent financial year, you are eligible to carry-forward the unused amounts from previous years (up to a maximum of 5 years beginning 2024/19) and make catch-up contributions in this year.. Therefore, your unused amount of $15,000 in 2024/19; $10,000 in 2024/20; $10,000 in … WebIf you exceed the after-tax (non-concessional) super contributions cap, you can choose to withdraw the excess contributions and any earnings. The earnings are then included in …
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WebJul 8, 2024 · With the concessional contributions cap increasing from $25,000 to $27,500 from 1 July 2024, another change had been passed by the Parliament which removed the excess concessional contributions charge when breaching the cap. To continue reading the rest of this article, create a free account . Already have an account? Sign in below: WebExcess contributions tax New Zealand-sourced retirement savings transferred to Australia are treated as non-concessional (or personal) contributions. Transfers from New Zealand KiwiSaver schemes to complying Australian super funds must be the whole balance of the account – partial transfers are not allowed. lutheran seminary chicago
Additional tax on concessional contributions (Division 293) – for ...
WebYour excess transfer balance is the sum of: the amount that exceeds your personal transfer balance cap, and the earnings on the excess amount. If you exceed your personal transfer balance cap you will have an excess transfer balance and will need to: remove the excess by commuting the excess transfer balance, and pay excess transfer balance … WebApr 13, 2024 · 13 April 2024 — 7 minute read A A A The proposed additional 15 per cent tax on earnings attributable to superannuation above $3m has certainly raised many questions in respect of the policy itself as well as its implementation. WebJul 1, 2024 · Concessional contributions are paid from a before-tax source and will usually have 15% contributions tax withheld on receipt. They include*: Employer contributions such as Superannuation Guarantee (SG) payments and productivity contributions Notional contributions such as defined benefit contributions (DBC)^ Salary sacrifice … lutheran secondary school