Superannuation has limits on how much you can contribute each year without paying extra tax. Understanding these caps can help you maximise your savings efficiently.
Key contribution types:
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Concessional (before-tax) contributions: Includes employer contributions and salary sacrifice. The cap is $30,000 per year (for most people).
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Non-concessional (after-tax) contributions: Personal contributions from your after-tax income. The cap is $120,000 per year, with the option to bring forward up to $360,000 over three years if eligible.
Exceeding these caps may result in additional tax, so it’s important to plan contributions carefully.
A financial adviser can help you make the most of your super contributions while staying within the limits.
