TAX ALERT - SUPERANNUATION CONTRIBUTION LIMITS FOR THE YEAR ENDING 30TH JUNE 2018
Introduction
The superannuation contributions caps for concessional (before tax) and non-concessional (after tax) contributions have changed significantly for the 2017/2018 year.
Concessional contributions include your employer's compulsory Superannuation Guarantee 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.
Concessional Contributions Cap
From 1 July 2017, the general concessional contributions cap dropped to $25,000 for all ages.
Non-Concessional Contributions Cap
The non-concessional (after tax) contributions cap for the 2017/2018 year is $1000,000.