Penalties for extra Superannuation Contributions
February 2008

Care now needs to be taken when salary sacrificing into super or making other super contributions that you do not exceed the maximum limits. The limits are $50,000 or $100,000 if you are over 50.

A limit of $150,000 applies for contributions for which you do not intend to claim a tax deduction and you can bring three years of contributions forward if you are under 65.

Simpler Super has now been renamed Better Super because it is just not simpler. There are many strategies that can be followed but they all need to be individually designed for your needs - you can actually end up paying more tax, not less. Remember super is only saving, investing and living off your money and one uses a super fund only for the tax benefits. Everything else can be done just as well outside super.