14 Nov 2017
Superannuation Reform: New rules on Concessional Contributions
- Posted by Dejan Pekic BCom DipFP CFP GAICD, Senior Financial Planner
On the 1 July 2017 the concessional contribution limit was reduced from $35,000 to $25,000 per financial year and the 10% maximum earnings condition was removed.
This means that if you are under age 65 you will be able to claim a tax deduction for personal super contributions without requiring the need for a salary sacrifice arrangement to be in place with your employer.
The employer is still required to contribute 9.5% Superannuation Guarantee and you can now contribute the difference up to the $25,000 concessional cap at your discretion and also claim this amount as a deduction in your taxation return.
WARNING, these comments do not constitute Personal Advice and conditions do apply.
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