Superannuation Contributions Cap – Alert, new limit applicable!
From 1 July 2021, the general concessional contributions cap is $27,500 for all individuals regardless of age.
- 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 of July.
Nevertheless, employers can take advantage to process and pay the last quarter before the 30th of 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.
More information on ATO: