From 1 July 2017, the general concessional contributions cap is $25,000 for all individuals regardless of age.
Don’t forget to check your payroll to ensure that your superannuation does not exceed the $25,000 cap, otherwise you may end up with a nasty tax surprise.
There is one concession to this rule but it does not start until July 2018 onwards - if you fail to use your annual concessional contributions cap of $25,000, then you can carry forward the unused portion for up to 5 years, PROVIDED YOU HAVE A TOTAL SUPERANNUATION BALANCE OF LESS THAN $500,000.
Contact Dene Kilpatrick or Jillian Dwyer for further information.