Australian investors are advised to monitor their superannuation contributions carefully to avoid making overcontributions. The period leading up to June 30 is particularly risky. Tax-concessional contributions are limited to $A50,000 for people who are aged under 50 and $A100,000 for those who are 50 or older. A penalty tax applies to excess contributions. John Randall, a superannuation partner with Deloitte, says the responsibility for managing contribution limits falls on fund members.
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