Reminder: New Superannuation Contribution Caps
We remind you the superannuation contribution caps for concessional (before tax) and non-concessional (after tax) contributions have been cut for the 2017/18 year.
Concessional contributions include your employer’s compulsory Superannuation Guarantee (SG) contributions, your salary-sacrificed contributions, or any contributions claimed as a tax deduction. Non-concessional (after tax) contributions are super contributions made from after-tax dollars or non-taxed savings.
Taking effect from 1 July 2017, the general concessional contribution cap has dropped to $25,000 for all ages. If you have automatic direct deposits set up or have an amount salary sacrificed on your pay you may need to change this amount to reflect the new cap.
Also taking effect from 1 July 2017 is the lower annual non-concessional contributions cap of $100,000. As a result, the 3-year bring forward cap is now $300,000 per person.
For more information on the contribution caps, please click here.