Any Australian considering making super contributions since 1 July 2017 needs to be mindful that the annual concessional (before-tax) contributions cap is much lower than previous financial years. Since July 2017, the annual concessional contributions cap has dropped to $25,000, which is a lot lower than concessional caps in place for previous financial years, especially for older Australians.
The annual before-tax contributions cap is now a single annual cap for all ages, and that concessional cap is $25,000. From 1 July 2018 however, the government will start a mechanism that allow catch-up concessional contributions for those Australians who have a Total Superannuation Balance of less than $500,000.
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