Contribution changes

Under the banner ”Making our tax system more sustainable” the government has made the following changes to superannuation contributions;

• Incomes greater than $250,000 could pay 30 per cent tax on their concessional contributions, up from 15 per cent.
• The superannuation concessional contributions cap will be lowered to $25,000 pa regardless of age.
• The low income superannuation tax offset (LISTO) – Individuals with an adjusted taxable income of $37,000 or less will receive an effective refund of the tax paid on their concessional contributions (15%), up to $500.