Keith is age 35 and earns $110,000 p.a. His employer contributes 12% of this salary to his nominated superannuation fund each year (this includes the employer’s mandatory superannuation guarantee contributions). Keith would like to salary sacrifice additional contributions into superannuation. Describe, in your own words how salary sacrifice to superannuation works, including from a cashflow and taxation perspective? What is the maximum amount that Keith can salary sacrifice to superannuation to stay within the concessional contribution limit? Show your workings
Keith is age 35 and earns $110,000 p.a. His employer contributes 12% of this salary to his nominated superannuation fund each year (this includes the employer’s mandatory superannuation guarantee contributions). Keith would like to salary sacrifice additional contributions into superannuation. Describe, in your own words how salary sacrifice to superannuation works, including from a cashflow and taxation perspective? What is the maximum amount that Keith can salary sacrifice to superannuation to stay within the concessional contribution limit? Show your workings
Chapter12: Tax Credits And Payments
Section: Chapter Questions
Problem 35P
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- Keith is age 35 and earns $110,000 p.a. His employer contributes 12% of this salary to his nominated superannuation fund each year (this includes the employer’s mandatory superannuation guarantee contributions). Keith would like to salary sacrifice additional contributions into superannuation.
- Describe, in your own words how salary sacrifice to superannuation works, including from a cashflow and
taxation perspective? - What is the maximum amount that Keith can salary sacrifice to superannuation to stay within the concessional contribution limit? Show your workings
- Describe, in your own words how salary sacrifice to superannuation works, including from a cashflow and
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