Reduced $25,000 Limit for everyone.
The superannuation concessional contributions cap is now $25,000, regardless of age.
On 1 July 2012 the $50,000 cap, for people aged 50 or over, ended and was replaced by a $25,000 limit across the board.
We encourage those clients on salary sacrifice arrangements to check that their current arrangements will comply with the new limits.
Click here for further information in detail.
Please also note annual limits are assessed using the date the contributions are received by the superannuation fund, not the date the employer “paid” the contribution.
In planning for 2012/13 please be aware of any contributions deposited into funds in early July 2012. These contributions will be treated as part of the 2012/13 cap of $25,000 even though they may have been 2011/12 superannuation contributions according to employer records.
If you have any questions concerning this matter, please do not hesitate to contact us.