What does this mean for you? For financial year 2016/17, those aged over 50 can make a total annual pre-tax contribution of $35,000 and those under 50 can go up to $30,000. This includes employer superannuation guarantee contributions. These limits will drop to straight $25,000 p.a. for the 2017/18 financial year.
So if you have been making extra salary sacrifice contributions then you need to re-check your calculations and notify your employer if you need to make changes to your sacrifice amounts as you go in to financial year 2017/18 on July 1.
If you need more info or help on this, need a review of your superannuation or want to look at a transition-to-retirement strategy then be sure to contact us.