Tax Update

Date: 01/04/2011

Beware the ATO's focus on excess contributions into super: your clients could be up for massive tax penalties.

Your clients probablyknow by nowthe much-publicised limits on annual contributions into their self-managed super fund. Yet despite the best of intentions, they find they've overstepped the mark and suddenly they've received notification from the tax office that they've exceeded their allowable contribution limitand are up for a big tax penalty.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 your clientscan also be sure that they won't make the same mistakes next year, or the year after.