The Dangers Of Exceeding Super Contribution Caps
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  Running Time: 11.40 Date: 01/02/2012 How could a $100 super contribution overpayment lead to a $70,000 bill from the tax office? We look at the dangers of exceeding super contribution caps under new restrictions. With new superannuation restrictions now in place, people are unwittingly exceeding their allowable super contributions. According to Heather Gray of DLA Piper Australia, these oversights can amount to thousands of dollars' worth of unnecessary tax. She says there are many misunderstandings about what is counted as a contribution, and the wrong timing of contributions on behalf of employers can cause major headaches for both employees and advisors. Heather says when it comes to super, predictability is key. Topics: Accounting & Tax |
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