If you or your employer make contributions over the Federal Government’s contribution caps, the amount of contributions over the caps will be taxed at a higher rate.
And once your contributions have gone over the caps you cannot ask your superannuation fund for refund of contributions.
Check your contributions – are they over the contribution caps?
So if you do not want to incur the extra tax it is important that you monitor the amount of contributions going into your various super fund accounts.
If you are a current member you can check your First State Super transactions online.
If you have your member number you can register to use the online services by entering your details in the First State Super member account login area, click here to access.
Alternatively, you can call Customer Service to register on 1300 650 873.
Contribution caps for the financial year 2007/08 and 2008/09:
65 years old or more (to contribute you must satisfy certain criteria)
$150,000
46.5%
Less than 65 years old
$450,000 over a 3-year period
46.5%
The caps are applied to the ‘total’ amount of contributions made in a financial year across all superannuation funds; the cap amounts are not limited to a single superannuation fund.
The information on this website contains general information and does not take into account your personal objectives, financial situation or needs. It is important, before deciding whether to become a member of First State Super (or, if you are already a member, to continue your membership) that you consider the First State Super Product Disclosure Statement having regard to you own situation.
