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Excess Contributions

Published on 10 Aug 09 by THE TAX INSTITUTE

Further to the Taxation Institute of Australia's (Taxation Institute) meeting with you on Friday 10 July 2009, please find set out below some additional information in relation to three issues which are of particular concern for our members.

Impact of new contributions caps

As from 1 July 2009, the concessional contribution cap has been reduced from $50,000 to $25,000 per person.  Further, the transitional concessional contribution cap until 30 June 2012 for persons aged 50 or over has been reduced from $100,000 to $50,000.

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