Cap breaches on the rise
Concessional contribution cap breaches have increased around three-fold in the past three years, according to specialist SMSF company, Canvendish Superannuation.
Cavendish head of education, David Busoli this week pointed to the latest Australian Taxation Office (ATO) data on excess contributions tax and the strong trends which had emerged.
He said the number of concessional cap breaches had increased three-fold from 15,315 in 2008/09 to 45,330 in 09/10.
"This is not surprising considering that concessional contribution caps were halved in that year and there is an inevitable period of adjustment," he said.
Busoli said the result had seen an increase in the value of assessments up from $58.4 million in $2008/09 to $130.9M 2008/10.
He pointed out that the number of excess non-concessional contributions had fallen dramatically from 1,550 over the same period to just 6.
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