As of 1 July 2017, the amount of concessional contributions you can make to your super each year has been reduced to $25,000. This is the new concessional contributions cap. Concessional contributions include your employer contributions, salary sacrificed amounts and any personal contributions that you are claiming a deduction for.

How this change affects you

If you contribute more than $25,000 concessional contributions, any amount over the cap will be included in your personal income tax return and will be taxed at your marginal tax rate. You will also have to pay an excess concessional contributions charge.  

What you need to do

We encourage you to monitor the amounts that you contribute to super and review any salary sacrifice arrangements you have in place to ensure you do not exceed the new cap.

We can assist you to make this assessment if necessary.

For further information, please contact us.