14 Jun 2019 Misleading contributions
MEMBER 152 writes:
A client recently sent me the following clip from the ATO blog page at QC 42460.
"Concessional contributions are subject to a yearly cap: From 1 July 2017, the general concessional contributions cap is $25,000 for all individuals regardless of age."
The page has been archived here.
The client already being aged 76 (ie late middle age), wanted to make a concessional contribution of $25,000 to his fund.
Sadly, for the client, he cannot make this contribution.
Sadly, for me, I had to waste time finding good information, and assuring the client that the ATO blog pages are known to contain many factual errors.
Sure, rewriting the numerous and arcane Tax Acts into legible blog pages is a non-trivial task. However, the inclusion of correct information about age-based contribution limits certainly should be a priority.