I'm PAYG only, and also on a total cost salary (i.e inclusive of SG) of c$275k +/- for bonuses etc and some investment income. with a few tax offsets Is it quite binary? you earn $250k plus $1 and you pay an additional 15% on the total $27.5k concessional contribution? I kind of understood you paid the lesser amount of 15% of any amount of income over $250k or 15% on the concessional contribution.
This year I probably maxed out concessional of $27.5k and used the carry forward to add another $9k from 2018/19 which I will claim a tax deduction in FY24 But now I'm not sure if it's a) taxable income that gets used b) weather my additional concessional contributions will also require an additional 15% tax.
Feels like there's a sweet spot of income when trying to max out concessional contributions and carry forward concessional contribution.
I just want to be prepared for any sizable tax bills this and future tax years
