You know and accept the much-publicised limits on annual contributions into your self-managed super fund. Yet despite the best of intentions, you find you've overstepped the mark and suddenly you receive notification from the Tax Office that you've over-paid the allowable contribution and you're now up for a big tax penalty. If it's any consolation, you're not alone. Many have been caught and, according to tax expert Michael Jones, there's a full check-list of things to do to resolve the issue and avoid the full wrath of the ATO. Follow this check-list and you can also be sure that you won't make the same mistakes next year, or the year after.
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