- Created on Wednesday, 17 May 2017 03:48
From 1 July 2017, the amount you can contribute before tax to your super has reduced.
The concessional contribution caps have reduced from:
- $30,000 p.a. or $35,000 p.a. for people aged 49 or over on 30 June 2016
- $25,000 p.a. for everyone from 1 July 2017.
The concessional contributions cap is the maximum concessional contributions you can make into superannuation in a financial year without being subject to additional tax. Concessional contributions include:
- employer contributions - the 9.5% super guarantee plus any additional employer contributions;
- amounts you salary sacrifice into your super; and
- amounts for which you have claimed an income tax deduction.
The non-concessional contributions cap has also reduced from $180,000 to $100,000 p.a. from 1 July 2017. This cap applies to any post-tax contributions you pay into super, other than if you claim a tax deduction for the contribution.