YOUR SUPER: IMPORTANT REMINDERS
As mentioned in our previous newsletter, on 1 July this year some of the biggest changes to super in 10 years came into effect. To recap:
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The concessional contribution cap was lowered to $25,000 for all taxpayers. To avoid tax implications, it is important to review your contributions, e.g. salary sacrifice, to ensure they are below $25,000.
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The $540,000 non-concessional contribution cap limit has been removed. It has been replaced with an annual non-concessional cap of $100,000 and three-year bring-forward limit of $300,000 which is only available to members with super balances below $1.6 million.
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Australians with adjusted taxable income of $250,000 or more will pay the extra contributions tax, which means all concessional contributions will be taxed at 30% rather than 15%.