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Bennett is concerned that he is not going to have enough money to retire

Accounting

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Bennett is concerned that he is not going to have enough money to retire. He went to a financial adviser who said he should put as much money as possible into superannuation. Bennett is employed at Paflagonia Pty Ltd. He salary sacrificed $20,000 into superannuation. This was in addition to the $10,000 that his employer was legally required to contribute. Bennett also withdrew $300,000 from his bank account to contribute to his superannuation fund. This is the first time that Bennett has personally contributed any money into superannuation.

REQUIRED

Explain to Bennett the tax consequences in relation to contributions into his superannuation account for the current year.