Non-concessional superannuation contribution limits are currently $120,000 per annum.
From next financial year, this increases to $130,000 or up to $390,000 under the three-year bring-forward rule if you are eligible, subject to your total super balance and if you’re under the age of 75.
This may be beneficial for those looking to contribute larger amounts following the sale of a property or receipt of an inheritance. You may also wish to speak with your adviser about a recontribution strategy.
From July 1, concessional contribution limits will increase to $32,500. This includes all employer super guarantee contributions, salary sacrifice and any personal deductible contributions. So, it is important to consider your total position to ensure you remain within the cap.
You may also wish to consider whether you are eligible to make additional personal contributions or utilise any unused concessional contribution caps from previous years. There are specific eligibility rules, including whether a tax deduction can be claimed. Review before proceeding.
As we approach the end of the financial year, it is important to ensure any contributions are received by your super fund in time. Most funds have cut-off dates and contributions are counted based on when the fund receives the money, not when it leaves your account.
Mandy Newman, Director, AJN Financial, 15/13 Poinciana Avenue, Tewantin, 1300 55 90 70, ajnfinancial.com.au
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