Are you aware that superannuation caps have increased?
Concessional contributions
Concessional contributions are contributions made into your superannuation fund that have been claimed as a tax deduction and are included in the superannuation fund’s assessable income.
The most common types of concessional contributions are employer contributions, such as super guarantee and salary sacrifice contributions. Concessional contributions also include personal contributions made by the member for which the member claims an income tax deduction.
From 1 July 2021, the concessional contributions cap increased from $25,000 to $27,500.
Non-concessional contributions
Generally, non-concessional contributions are contributions made into your superannuation fund where no tax deduction has been claimed and are not included in the superannuation fund’s assessable income.
Non-concessional contributions include personal contributions made by the member for which no income tax deduction is claimed – this is the most common type of non-concessional contribution.
From 1 July 2021, the non-concessional contributions cap increased from $100,000 to $110,000.
Find out more at https://www.ato.gov.au/super/self-managed-super-funds/contributions-and-rollovers/contribution-caps/
