Australians at higher risk this year of being penalised for exceeding superannuation contribution limits
Changes to the superannuation rules in effect for the 2017/18 financial year are designed to further limit the amount of money Australians can contribute to the tax advantaged superannuation system.
This year’s lower maximum limits could be a trap for unwary Australians who continue to contribute to superannuation as they have in previous years.
Penalties for exceeding contribution caps can be as high as 47% plus an interest charge.
So, how much can you contribute this financial year? Here’s a brief summary:
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