1. Changes to super
The thresholds that restrict how much extra you’re able to put into your superannuation are about to increase. From July 1, concessional (pre-tax) contribution caps will increase from $27,500 to $30,000 per financial year.
Concessional super contributions include the compulsory super guarantee payments that your boss puts in, any payments you may make under a salary sacrifice agreement and any voluntary super contributions you make and claim a deduction on.
These are all taxed at a lower rate of 15%, meaning come July 1, if you earn over $45,000 you can add to your retirement fund in a tax-effective way.
Meanwhile, non-concessional caps – made from after-tax contributions
