101 Ways to Save Money on Your Tax--Legally! 2022-2023 by Adrian Raftery

Author:Adrian Raftery [Raftery, Adrian]
Language: eng
Format: epub
ISBN: 9781119883180
Publisher: Wiley
Published: 2022-05-16T00:00:00+00:00

The ATO caps the non-concessional contributions you can make each year before you pay extra tax to four times the concessional contributions cap (that is, $110 000). Additionally, the non-concessional cap is restricted to people with superannuation balances less than $1.7 million at the end of the previous financial year. The untaxed plan cap of benefits that have not been subject to contributions tax within a super fund is $1 650 000.

TAX FACT

From 1 July 2022, there will be no work test requirement for individuals making or receiving non-concessional superannuation contributions. Access to concessional personal deductible contributions for individuals aged 67 to 74 will still be subject to the work test.

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