Change to Super Thresholds

October 06, 2017

Dear Clients,

 

Please be aware of changes to superannuation contributions which apply from 1 July 2017.

 

From July 2017 the government has lowered the annual cap on concessional (before-tax) super contributions to $25,000 for all employees (this is inclusive of employer SCG payments and additional salary sacrifice payments).

 

The annual cap on non-concessional (after-tax) super contributions has been changed to $100,000 for all employees (any employees between 65-74 years of age must meet the work test to be eligible).

 

For more details please see:

https://www.ato.gov.au/Individuals/Super/Super-changes/

 

If your employees are making voluntary contributions they will be affected by these changes.  We recommend that your staff contact their personal financial advisor.

 

Please feel free to contact our office for further clarification or to make any changes.

 

Kindest Regards,

 

The team at Integrated Payroll Systems

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