It's important, for tax purposes, to make sure you don't accidentally exceed the limits introduced in 2007 on deductible superannuation contributions. An Excess Contributions Tax at 31-and-a-half percent can be applied if you do.The excess contribution will also be treated as a non-concessional contribution, andif you exceed the limit in that area too, you'll face an extra 46-and-a-half percent tax, making a whopping 93 percent in total! Tax expert Michael Jones, of Cummings Flavel McCormack, says the Tax Commissioner is reluctant to use his discretion to waive the extra tax, to ensure people manage their super schemes carefully. Michael also has some timely advice on when payroll tax and workcover premiums apply for hired contractors, and how to make sure you end the FBT year on a satisfactory note.
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