Superannuation: concessional contributions

By August 4, 2021Uncategorized

The amount that can be contributed on a member’s behalf, whether personally or by an employer, has increased from $25,000 per annum to $27,500 per annum.

We have noticed some confusion about how the limit applies if a salaried client wishes to make extra personal contributions.

For example, if an employee has had $10,000 in superannuation guarantee contributions provided by their employer, they would be able to make a further $17,500 in personal contributions and then claim that amount as a tax deduction in their own name. The total must be less than $27,500.