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Accueil Superannuation Contributions Cap – Alert, new limit applicable!
Jul15
Superannuation Contributions Cap – Alert, new limit applicable!
By NQ Team in

From 1 July 2017, the super concessional contributions cap is $25,000 for everyone without any differentiation whatever your age.

It includes:

  • compulsory superannuation guarantee contribution
  • any additional concessional contributions your employer makes
  • any salary sacrifice payments made to your super fund

When working out your super contributions for the financial year, remember:

  • The period of reference is irrelevant.
  • Contributions don’t count when the payment is sent, they only count once the payment is received by your fund.

The legal due date of reporting and payment for the quarter April to June by employers is and stay the 28th July.

Nevertheless, employers can take advantage to process and pay the last quarter before the 30th June:

  • for them to allow an immediate deduction as expenses and not as simple provision if their tax year run from 1st July to 30 June Or,
  • It is relevant after working around the respect of limit for your employees.