Superannuation contributions slashed

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.

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