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06 Aug 12 New financial year: Time to review super contributions

The ATO advises that with the start of the new financial year here, it's a good time to review the contributions being made into taxpayers' super funds if they want to avoid extra tax - especially if they are 50 or over.

On 1 July 2012, the concessional contribution cap of $50,000 for people aged 50 years or older ended which means the amount a taxpayer can contribute to super before tax (concessional contributions) is now $25,000 for everyone.

 


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