Paid too much into your super?

ONE GUARANTEE of a comfortable retirement is to save as much as you can along the way. You can’t save too much, however, because the Australian Taxation Office won’t let you – unless you don’t mind paying extra tax.The annual limit for contributions from untaxed income, or concessional contributions, is $30,000 if you’re under 50 and $35,000 if you’re older than that.For contributions from after-tax income, the annual limit is $180,000, or $540,000 in a three-year period.Anyone who is a bit too eager to push a retirement savings limit higher has to live with paying extra tax. When the concessional cap...

ONE GUARANTEE of a comfortable retirement is to save as much as you can along the way. You can’t save too much, however, because the Australian Taxation Office won’t let you – unless you don’t mind paying extra tax.

The annual limit for contributions from untaxed income, or concessional contributions, is $30,000 if you’re under 50 and $35,000 if you’re older than that.

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