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

Contribution Limits for Superannuation 2015/2016

Concessional Contribution

The key thing to keep in mind here is that this limit also includes your employer contribution. So that 1.5% thatís payable on top of salary and your super fund needs to be accounted for when weighing out on how much you can salary sacrifice in a year. The age brachiate will also determine how much you can put away.

If you are under age 50, the maximum amount that you will be able to sacrifice and including your employer contribution will be set $30,000 in a financial year. If you are 50 or over, it is set to $35,000. Itís has a little bit more scope for you to be able to save on tax and contribute into your funds.

It should be noted that there are also other individuals that may earn minimal income from employment during the year and they may also be eligible to put contributions into super and claim a tax benefit for that. The limits also apply to these people and it applies to self-employed individuals as well.

Let us say you are already salary sacrificing at the most possible way and youíve already made your tax. If youíre still interested in putting extra money into your super, the next type of contribution could be available to you. And this is called an after-tax contribution or Nonconcessional contribution.

Nonconcessional Contribution

What this generally refers to is money that somewhere in its lifetime has already been taxed. So if you think of a bank account, you have issues in that bank account that you need to declare in your tax return or if you stole investment property you possibly have a capital gain and so on.

The only thing that you would see as a downside to your own property which is basically a residential property that is not tax-payable. That could also be the top of contribution. So it has a generally limit of up to $180,000 per financial year. This type of contribution goes into your super fund and it doesnít get taxed. If your age is under 65 at the start of the financial year may effectively bring forward 2 yearsí worth of non-concessional contributions.

If you want to find more information about the contribution limits for superannuation, feel free to make an inquiry on our site at 1300 252 167

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