I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Super Contribution Limits for the Salary Sacrifice Threshold

If the 1st of July is fast approaching, then you need to be familiar with the salary-sacrifice threshold.

For the salary-sacrifice threshold, for anyone who is under 50, you are permitted to put up to $30,000 pa. However, that 30,000 include what the employer is contributing. The employer contribution would generally be 9.5% for most Australians who are employed, that are an estimated $10,000 pa. This means that you are permitted to put up to $20,000 pa into salary sacrifice.

For people who are age 50 and over, youíve got plenty of room to move. Youíve got over $35,000 pa including your employer contributions.

Non-Concessional Contributions

Thereís also another type of contribution that you may not be aware of which is solely made into the fund. And it has a separate limit altogether. We have whatís called an after-tax or non-concessional contribution. This is money that generally has already paid tax in its last time and because of that it can go into the super fund without the 9.5% tax deductions. It goes tax-free into the fund. So thereís a much higher threshold allowed in the contribution. Thatís around $180,000 per year.

If you are under 65 at any time in the financial year, you may effectively bring forward 2 yearís worth of non-concessional contributions allowing you to contribute $40,000 at any time over a 3 year period without exceeding the cap. If you are over 65, it is strictly $180,000 and there would also be a work test that applies as well.

The work test isnít too hard. Here, youíre literally working more than 40 hours in a consecutive day period. And that works out to be about a week in a month. As long as you have done this test some time during the financial year, you will be eligible to put an extra contribution into your fund.

For more information on super contribution limits, visit our website at www.australiansuperfinder.com.au

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