To encourage saving for retirement, the Government offers certain deductions and tax offsets on certain contributions made to superannuation funds and retirement savings accounts.
While some forms of contributions and deductions may be made without limit, there are limits on what a member may contribute personally in any given year. The penalty for exceeding the excess contributions cap, set year to year, is generally excess contributions tax on the amount of contribution that exceeds the cap for the year. Your fund may also be prohibited from accepting excess contributions or may be required to release funds to pay the excess contributions tax liability. The end result can be devastating, and in the worst cases, cause you to lose most of the contribution made.
Our Sydney Taxation Lawyers and Superannuation Solicitors can professionally advise you on your superannuation rights and obligations, including any tax obligations that may arise as a result of member contributions. If you receive a notice of assessment of excess contributions tax we can assist you with an application to the Commissioner to have the contribution disregarded or reallocated to another year or lodge an objection against the assessment.
For quality and professional Taxation advice, we invite you to contact our office to speak to one of our dedicated Sydney Taxation Solicitors. We have branch offices conveniently positioned across the Sydney metropolitan area including in Parramatta, Hurstville and North Sydney. For a full list of our office locations, with complete addresses, click on our Locations tab above or contact our main office line on (02) 9233 4048.
- We have been operating since 2001
- We are always busy with tax legal work
- We act in minor and complex matters
- We earn client confidence and respect
- Our staff are humble and hard working
- Senior staff hold Honours Law degrees
- Senior staff personally oversee your file
- We promptly return phone calls and emails
- We have a 'can do culture' - we deliver
- We have regular repeat business
This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any Legal Advice. It does not take into account your objectives, your instructions or all of the relevant facts and/or circumstances. Navado accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.
Sorry, but no Articles are available at this time.
Sorry, but no FAQs are available at this time.
If you require assistance with a Tax matter, you should make an appointment to see one of our Lawyers in one of the following locations:
- Sydney
- Parramatta
- North Sydney
- Hurstville
- Liverpool
- Gordon
- Baulkham Hills
- Campbelltown
- Bondi Junction
