As I understood it, the ASC is treated exactly like the PRD in that it is not included in the age-related tax relief limits for pension contributions
From your payslip add all your pension related deductions (whatever way it is set out) - main superann scheme, survivor pension, USC. Calculate what percentage this is of your gross pensionable pay on your payslip for the same period. Subtract this percentage figure from your age related percentage limit.
Correct - thank you.As I understood it, the ASC is treated exactly like the PRD in that it is not included in the age-related tax relief limits for pension contributions
I may be missing something here so apologies in advance if I am, but should this not be €48k (€120k x 40%)?46k is your maximum tax allowable yearly pension contribution.
If you have an occupational pension the contributions would reduce by your employee contributions to that scheme. See post #19.
The age based percentage is on your income or on 115k, whichever's less, so in the example 115k * .4 = 46kI may be missing something here so apologies in advance if I am, but should this not be €48k (€120k x 40%)?
Why include USC in your sums?. ...if this is your logic, why not include PRSI while you are at it.From your payslip add all your pension related deductions (whatever way it is set out) - main superann scheme, survivor pension, USC. Calculate what percentage this is of your gross pensionable pay on your payslip for the same period. Subtract this percentage figure from your age related percentage limit.
An error - see post 22. Actually a double error. I had meant ASC - but it should be excluded also.Why include USC in your sums?. ...if this is your logic, why not include PRSI while you are at it.
USC is an income tax.
Rental is not allowed.On a separate but related note is net rental income eligible for inclusion in the contribution % calculation?