Can you please clarify the new super contribution limits?
Q.
Can you advise if the new contribution limits include the
contributions tax components ie if one salary sacrifices say $100,
then $15 makes its way to the ATO is the $15 to be included in the
$50,000 (for those over 50)? and the same goes for the employers 9%
that is only about 7.7% actually makes it into your a/c
A.
The whole contribution goes into the fund and then is treated as
taxable income by the fund. As funds pay income tax of 15% you are
effectively losing 15% of your contributions when the funds books
are done.
Each week financial advisor Noel Whittaker answers your
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