Contribution Tax and Excess Contribution Tax

Contribution Tax and Excess Contribution Tax

The Contribution Tax figure is automatically calculated at 15% on the Contributions entered into Contributions under the Transactions menu, using either Employer contribution or Member Concessional contributions.
 

 
 
The Excess contribution tax amount needs to be manually entered from the  Transactions  menu, by clicking  Tax Payments, the reason being is that either the fund or the member can pay it, and if the member has more than one fund he can decided which fund to pay it through.
 

 
 
The $15,000 Contribution Tax in the above example reflects under Tax Payable on the Tax Reconciliation Report:
 
 
 
 

Program and version

SuperFund, all versions