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Know your limit

Know your limit

By Andrew Proebstl

Practice & Procedure 


As the financial year comes to a close, it is timely to ensure you are up to date with recent changes to super. It is worth taking time to ensure you are up to date with key changes to superannuation and their implications as the end of the financial year approaches. Annual cap on concessional contributions. The annual cap on concessional (before tax) contributions is now $25,000 per annum for all employed people, down from its previous rate of $30,000 for those aged under 50 and $35,000 for those aged 50 and over. If your concessional contributions exceed the new cap, contributions in excess of the cap will be taxed at a higher rate. You should periodically check with your super fund whether your concessional contributions are nearing the cap.

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