Can you please clarify some details from your 'tax return
checklist' article?
Q.
With reference to a 'tax return checklist' article - "the
big change to the super system announced in this year's federal
budget was the reduction in the maximum amount of concessional
contributions people can put into their super account each year.
The concessional contribution cap has been cut from $50,000 to
$25,000 a year for people under 50, and from $100,000 to $50,000
for the over 50s. The new rules take effect on July 1. The higher
contribution cap for the over 50s lasts only until the 2011/12
financial year, after which all super fund members will have the
same cap, irrespective of age." Are you saying that the
concessional contribution cap for over 50s will be reduced to
$50,000 from $100,000 from 1 July 2009, and then further reduced to
$25,000 from 2012/2013?
A.
Yes, your assumptions are correct. It also appears that the
$25,000 cap for the under 50s will not be indexed.
Each week financial advisor Noel Whittaker answers your
questions.
