The maximum amounts you can contribute to your super account before and after tax are going down on 1 July 2017.
New before tax limit
From 1 July the annual cap on before-tax (concessional) contributions to super will be reduced from $30,000 to $25,000, regardless of your age. (Note that before-tax contributions include your employer (SG) contributions to super and salary sacrifice.)
New after tax limit
From 1 July 2017 the after-tax (non-concessional) contributions limit will also be lowered, from the current cap of $180,000 per annum to $100,000 per annum.
And members who have a superannuation account balance of more than $1.6 million will no longer be allowed to make after-tax contributions.
More information
Click here for information on before and after tax voluntary contributions and a form to make after tax voluntary contributions.
The information contained in this article does not constitute financial product advice. However, to the extent that the information may be considered to be general financial product advice, REI Super advises that REI Super has not considered any individual person’s objectives, financial situation or particular needs.
Individuals need to consider whether the advice is appropriate in light of their goals, objectives and current situation. Members should obtain and read the Product Disclosure Statement for REI Super before making any decisions. REI Superannuation Fund Pty Ltd ABN 68 056 044 770 AFSL 240569. RSE L 0000314 REI Super ABN 76 641 658 449 RSE R1000412 MySuper unique identifier 76641658449129 February 2017.